Nifty and Banknifty for Tuesday (31-01-2023)

Jan 31, 2023

NIFTY
Nifty has been in a free fall from last 3 days but it has paused and signeled some signs of reversal after a volatile range bound session.
It has a good support of 17420 and at the same level 2 more confluences are present.
1. bear channel support line ( marked in green colour)
2.Daily TF Support trendline support.

for nifty to move more down it need to break and sustain below the 17420.
longs are above 17710.

Banknifty levels



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Jan 31, 2023

Note

#BANKNIFTY moving in between 40160 our support (short below) level and 40800 resistance (long above) level.

Market phase :- Indecision mode.

Jan 31, 2023

Trade active

Same levels valid for tomorrow, keep on radar.