Bank Nifty is performing better than the Nifty and IT Index and today being the Finnifty expiry will be seeing higher volatility in banking stocks. Canara bank and HDFC bank have got the go-ahead to trade in Russian currency which is good for both banks and ICICIbank appears strongest of all banks.
BankNifty Spot View For 22/11/2022
Cmp: 42346.55
Support & Downside Range: 42200—41918--41600
Resistance & Upside Range: 42387--42622--42980
Short-Term Trend Reversal Level: -- 41000
Cmp: 42346.55
Support & Downside Range: 42200—41918--41600
Resistance & Upside Range: 42387--42622--42980
Short-Term Trend Reversal Level: -- 41000
Bank Nifty Live Trend
Trading View: Bank nifty acting stronger than nifty for an intraday trading perspective till the bank index trading above the 42200 spot remains strong and may try to lift nifty a break below 42200 it will go weak and fall till 41918 minimum and max 41600 spot zone whereas upside 42387 spot acts as immediate rest zone cross and sustain above it move gets extend towards 42622 minimum and max 42980 spot level.
Another range day expected which will give small trades on each side. This consolidation and contraction in a narrow range will eventually lead to a swift move on either side giving us an opportunity.
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Conclusion
Nifty. The range is clear. Support is placed at 18100 and resistance at 18300. The breakout of this range will give us a trade.
BankNifty. Support is placed at 42200 and resistance at 42500. Should get 250/300 when the range breaks.
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