Bank Nifty Spot View: 10/08/2023
CMP: 44880.70
Moving AVG (EMA) 20 Hour & 40 Hour: 44814 & 44910
Moving AVG (EMA) 20 Day & 40 Day: 45143 & 44863
Support & Downside Range: 44530--44270
Resistance & Upside Range: 45150—45320--45660
Short Term Trend Reversal Level: -- 45660
Trading View: Ahead of RBI policy and weekly expiry key support to watch is 44530 which is yesterday's low if this manage to hold after policy then we have a good chance to move towards 45150 and above levels, whereas if 44530 breaks then we may again retest 44270 and lower levels.
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Nifty
GIFT Nifty indicates gap down opening near 19600 levels. However, we expect buying to emerge from the lower levels as 19500 Put strike hold substantial OI which is likely to act as immediate support. On the higher side 19700 is likely to act as resistance.
Bank Nifty
For the day, Bank Nifty might witness volatility due to RBI policy outcome. Looking at the option data, we expect Bank Nifty to face resistance at the higher levels as 45000 Call holds significant OI.
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