Bank Nifty Support and Resistance Levels (09/01/2024)

Jan 8, 2024

### Bank Nifty Support and Resistance Levels (09/01/2024):

#### Support Levels:
1. **Support Level 1 (Gap-up Open):** 47,200
- If the market opens with a gap-up, 47,200 could act as initial support.

2. **Support Level 2 (Big Support):** 47,000
- 47,000 is considered a significant support level for Bank Nifty.

3. **Support Level 3:** 47,400
- This level might provide support if the market opens above it.

#### Upside Resistance Levels:
1. **Resistance Level 1 (Below 47,643):** 47,643
- If the market opens below this level, 47,643 could act as initial resistance.

2. **Resistance Level 2 (Big Gap-up or Gap-down):** 47,785 to 47,800
- In case of a big gap-up or gap-down, these levels might function as resistance.

### Technical Analysis Insights:

- **Support Zones:** 47,200 (gap-up open), 47,000, and 47,400 are critical areas where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.

- **Resistance Zones:** 47,643 (below this level) and 47,785 to 47,800 (in case of big gap movement) are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements.

- **Market Opening Impact:** If the market opens flat or with a small gap, the support and resistance levels mentioned earlier might not hold, and other levels could come into play based on the actual opening price movement.