Banknifty is in euphoric mode and SBI is going to buy 9%+ stake in hdfc bank over a period of 6 months. So, any upmove in HDFC Bank is going to propel market up.
BankNifty Spot View For: 18/05/2023
CMP: 43698.70
Moving AVG (EMA) 20 Hour & 40 Hour: 43777 & 43724
Moving AVG (EMA) 20 Day & 40 Day: 43066 & 42380
Support & Downside Range: 43444—43275--42574
Resistance & Upside Range: 43800—43915 zone, 44155--44350
Short Term Trend Reversal Level: --
Trading View: In today's weekly expiry session key resistance to watch is 43800—43915 zone and key support to watch is 43444 to 43275 zone, if 43500/43600 call and put writers are active and they wants to eat the premium of this strike then they may try to keep bank nifty between 43915 to 43275 spot zone for the day and may try to close bank nifty somewhere between 43500 to 43650 zone, one side move comes either on break above 43915 or break below 43275 else it's going to be a premium eating expiry and trading session.
