More weakness ahead in Bank Nifty | Intraday levels 22/Sep/23

Sep 22, 2023

Good Morning Traders.

Guy's Banknifty fell 761 points in yesterday's session. It plunges almost 1.7% in just intraday and end at 44624 and formed a long bearish candlestick pattern on the daily time frame. Banknifty fell down below 45000 mark for the first time in several days. Relative strength index signalled bearishness with a bearish crossover on the daily timeframe. In the short term, the index can move towards 44000 at the lower end, while encountering resistance at 45000 at the higher end. Global cues are also showing huge bearishness inmarket let's see how our market going to behave.

Important levels for banknifty:

Strong support zone 44000
Strong Resistance zone 45000

Buy above 44764, if levels sustains at least for 30 Mints.
Targets we can see in upside 44924/45124
Stop loss will be 44610

Sale below 44370, if levels sustains at least for 30 mints.
Targets we can see in downside 44218/44000
Keep stop loss at 44610

Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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