Once Bank Nifty opens above 52,240, a rally towards 53,675

20 oct. 2024

In Scenario A, if Bank Nifty opens above the key level of 52,240, it is likely to trigger a strong upward momentum, leading to a rally toward 53,675. This level could act as a critical resistance point, and surpassing it might signal further bullish movement in the market. However, on the downside, if Bank Nifty falls below 51,823, a bearish trend is expected to emerge. This would likely shift market sentiment to the negative, with further downside potential if key support levels are breached. Hence, 52,240 serves as a pivotal breakout level for bulls, while 51,823 is the threshold for a bearish reversal.