Banknifty is at a key support level—will it rebound?

7 août 2024

• In recent months, the bank index has been on a remarkable upward trajectory, consistently achieving higher highs and higher lows.
  
• After reaching an all-time peak close to 53,350 (specifically at 50,358), the bank index experienced a correction.
  
• At present, the index is hovering around a significant support level of 49,750, which also aligns with the trendline support visible on the chart.
  
• There is a strong expectation that the bank index will bounce back from this point and resume its upward trend.
  
• However, if this support is broken, the next level to watch will be around 46,000 to 46,300.
  
• To regain its bullish momentum, the index must overcome the immediate resistance located between 53,000 and 53,350.
  

22 sept. 2024

Note

Bank Nifty has achieved a significant breakout! Surpassing its previous all-time high, the index has set a new record.
Overall sentiment is expected to stay bullish as long as the index remains above 53,300.