Bank Nifty Pre Market Report

Bank Nifty Spot View For: 05/05/2023

Cmp: 43685.40

Support & Downside Range: 43548—43429--43235

Resistance & Upside Range: 43750—44000—44150--44430

Short Term Trend Reversal Level: -- 42865

Trading View: In today's trading session key support to watch is 43548 spot levels as long as this holds bias remains strong and bullish, break below 43548 bank index can fall till 43429 minimum to 43235 spot zone and here it can find a new buying supply, whereas upside 43750 going to act as strong resistance break above we can get minimum 44000 to 44150 spot zone and max 44430 as upside projection, here downside 42865 acts as trend reversal support as long as this holds one can stay in buy side in bank index in any dip for 44150 to 44430 as projection.

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We have provided you the reports on the global market, specifically the banking crisis in the US and the negative impact it is having on the market. The Department of Labor reported an increase in jobless claims for six straight weeks, which further increased negative sentiment in the USA. 

On the positive side, Apple's revenue and profit beat expectations, and some Indian companies such as HDFC, Hero Motor Corp, and TVS Motors posted positive quarterly results. Nifty and Bank Nifty staying above 18200 in Nifty is a strong buy signal. Have a look at upcoming European and Indian economic data releases to know how market is going to unfold.