#Banknifty directions and levels for the second week of January:
Bank Nifty
Bank Nifty is clearly in a range-bound market, and until it breaks out, we cannot expect directional movement. Open interest also indicates a bearish bias, so the probability of downside movement is higher. Let’s look at the chart.
Current View:
If the week starts negatively, Bank Nifty could reach a minimum of 50,255, which is a minor support level. While some consolidation may occur, the level might not sustain.
Alternate View:
If the market pulls back at the start, it could attempt to reach 52,174–52,386. However, this is a major resistance level. If the market rejects this level, we can expect a correction, which means it will re-enter a range-bound phase.
Bank Nifty is clearly in a range-bound market, and until it breaks out, we cannot expect directional movement. Open interest also indicates a bearish bias, so the probability of downside movement is higher. Let’s look at the chart.
Current View:
If the week starts negatively, Bank Nifty could reach a minimum of 50,255, which is a minor support level. While some consolidation may occur, the level might not sustain.
Alternate View:
If the market pulls back at the start, it could attempt to reach 52,174–52,386. However, this is a major resistance level. If the market rejects this level, we can expect a correction, which means it will re-enter a range-bound phase.
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