BankNifty Likely to Recover Yesterday Losses

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Bank Nifty Spot View For: 16/06/2023
CMP: 43443.60
Moving AVG (EMA) 20 Hour & 40 Hour: 43809 & 43918
Moving AVG (EMA) 20 Day & 40 Day: 43855 & 43416
Support & Downside Range: 43390—43100--42593
Resistance & Upside Range: 43821—43953--44133

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Short Term Trend Reversal Level: -- 44133
Trading View: In yesterday's trading session bank nifty gave break down and closed almost at 40 Day EMA level in today's trading session key level to watch is 43821 spot which 38.2% fib resistance as well as 20 hour EMA placed at 43809 so 43809—43821 as long as bank nifty remains below this levels selling pressure remains intact, here downside key level to watch is 43390 spot if bank nifty breaks and sustain below for 15 mins then we may immediate open for 43100 as next immediate downside levels, but if bank nifty manage to hold 43390 spot then chance of some bounce towards 43655—43809-21 is visible to cool off the smaller oversold time frame.

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