BANKNIFTY Research | SMTA Institute

Bank Nifty: With a slight gap up opening, Bank nifty slides down to 800+ points in the initials hours of the market opening, the positive side is that buyers were still available in the market and pulled back the market to the green side in the second half, but still couldn’t break the day high and close at 43 points down of the market opening. 33950 has been considered as good support for the Bank nifty, in the daily chart Bank Nifty formed a bearish hammer with a short upper wick and long lower wick. If the index can sustain at the level of 34600 then it can move up towards 35000 and 35250.
Support: S1 34400, S2 33950, and S3: 33500
Resistance: R1 34950, R2 35250 R3 35750

Research By
Atul Gautam
Derivative Analyst