Technical Analysis of Bank Nifty for Tomorrow Technical Analysis of Bank Nifty for Tomorrow (26 September 2023)
Support:
44500 (Big Support)
44700/44600
Resistance:
45000 (Big Resistance)
Overall Analysis:
The Bank Nifty index is currently in a consolidation phase, with a strong support zone at 44500 and a strong resistance zone at 45000. If the index breaks below 44500, it could fall further to 44400 or even lower. On the other hand, if the index breaks above 45000, it could rally to 45900 or even higher.
However, it is important to note that the 45000 strike price has a huge concentration of call writers. This suggests that there is strong resistance at this level. Therefore, traders should be cautious before taking any bullish bets on Bank Nifty.
Trading Strategy:
Bullish Traders: If the Bank Nifty index breaks above 45000, bullish traders can enter long positions with a stop loss below 44900.
Bearish Traders: If the Bank Nifty index breaks below 44500, bearish traders can enter short positions with a stop loss above 44700.
Overall, the Bank Nifty index is likely to remain in a consolidation phase tomorrow. Traders should be cautious before taking any bets on the index.
Disclaimer: This is just a technical analysis and should not be considered as a trading recommendation. Please consult your financial advisor before making any trading decisions.
