Banknifty Spot View: 02/2/2024
CMP: 46188.65
Moving AVG (EMA) 20 Hour & 40 Hour: 46024 & 45830
Moving AVG (EMA) 20 Day & 40 Day: 45839 & 46272
Support & Downside Range: 45650—45070--44420
Resistance & Upside Range: 46545—47225--47750
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Short Term Trend Reversal Level: --
Trading View: No major changes in the levels of bank nifty it's same as yesterday, which is as long as bank nifty remains above 45650 its bias remains sideways to bullish for upside minimum 46545 to 47225 and max 47750 whereas fresh weakness starts in banknifty once it starts trading below 45650 support so understand the importance of 45650 support on intraday basis and act accordingly. #NOTE : AS SUCH NO SIGN OF BOTTOMING FORMAITON IN BANK INDEX ALSO ENTIRE UP MOVE FROM 44420 LOW DOES NOT LOOKS AN IMPULSIVE AND MORE LIKE CORRECTIVE COUNTER TREND BOUNCE SO ONCE SHOULD STAY CAUTIOUS WHILE TRADING INDEX AND MUST USE TIGHT STOP LOSS FOR TRADING.
