Bank Nifty Prediction for 23-07-2024: Support & Resistance Level

22 jul

The Bank Nifty index has been consolidating within a defined range over the past few weeks, forming a rectangle pattern on the technical charts. Currently, the immediate support levels for the index are around 51,750 and 51,250, while the resistance is observed at 52,800.
A breakout from either support level could trigger a significant directional move, given the prior consolidation. Traders are advised to exercise caution and consider buying opportunities only if there is a sustained move above 52,800.
Budget Impact: The recent Union Budget may have swayed market sentiment.
Economic Indicators: Key economic data releases can affect investor confidence.
Earnings Season: Corporate earnings announcements can cause stock-specific movements, impacting the overall index.
Support and Resistance Levels:
Support: Previous analyses indicate support between 51,400 and 51,200.
Resistance: The first resistance on the upside is at 52,600. A break above 52,800 could lead to a strong upward move.
Market activity is expected to be subdued in the first half of the day, picking up volatility in the second half, especially post the budget speech.
Technical Indicators for Bank Nifty Prediction:
Max Pain: 52,200
PCR (Put-Call Ratio): 0.59
IV (Implied Volatility): 33.57 as of closing on 22-07-2024
Verdict: The market is likely to attempt to decay the higher premiums before establishing a trend. Given the current technical indicators, the probability of an uptrend is high.
Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares are neither advice nor endorsed by the publisher.