Retail inflation has experienced a concerning rise, surging from 4.8% to 7.4%, which is generally unfavorable for the market. As we approach the market opening, it becomes crucial to calculate potential support and short covering levels. Accordingly, our analysis indicates that Bank Nifty's support zones lie around 43890 and 43720. This suggests that the initial market movement might lead Bank Nifty to open with a gap down around 43950, subsequently edging lower towards 43890. During this phase, there could be a period of sideways movement aimed at consolidation. It is advisable to monitor closely for any signs of a Breakout pattern, as such indications could trigger a further descent towards 43715. To maintain a positive outlook, it is imperative for Bank Nifty to engage in short covering activities beyond the 44420 mark. For a comprehensive understanding of how these trends can be identified well in advance and how patterns manifest in real-time market scenarios, consider enrolling in our Advanced Price Action course.
Banknifty Future:- Today's range is 43865 to 44580. After the gapdown, there is a possibility that Bank Nifty may cover its short position, and an upside rally can be seen.
Banknifty Future:- Today's range is 43865 to 44580. After the gapdown, there is a possibility that Bank Nifty may cover its short position, and an upside rally can be seen.