Pre-Open Daily Tech view of Bank Nifty Spot for 25-01-2023
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Pre-Open Daily Tech view of Bank Nifty Spot for 25-01-2023
Bank Nifty also started session with higher opening at around 43000 with gains of around 175 points with intraday high of 43078, but failed to hold the same and corrected upto 42615 level. The bench mark finally settled at crucial level 42750, down by 88 points. It formed an Outside Bar bearish candle on the daily scale.
The index remains in the range bound territory between 42500 and 43000, and a break on either side will lead to trending moves.
Bank Nifty faced hurdle at 43000 where the highest open interest is built up on the Call side, acted as resistance. On the middle MAX Pain is at 42700 and PCR @0.71 & immediate basis downside side support is visible at 42500. If it breaches then indication of more selling pressure.
Bank Nifty Bulls now need to hold 42750 for trend to remain buy on Dips and Rally till 43300-43400.
Intraday Trading Levels:-
Positive above 42777 Resistances 42888- 43001 and 43225
Negative Below 42610 Supports 42500-42350 and 42200.
Expected upper edge of Expiry : 43038
Expected Lower edge of Expiry : 42427
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