Current price: 45,651
Support: 45,300, 44,900
Resistance: 45,800, 46,300
Outlook: Mixed
The Bank Nifty closed higher on today, trading above its 200-day moving average. This suggests that the bulls are still in control, but they will need to push the index above 46,000 to confirm a bullish trend.
On the downside, the support levels to watch are 45,300 and 44,900. If the index breaks below these levels, it could open the door for a further decline towards 44,500.
Overall, the outlook for the Bank Nifty on Tuesday is mixed bullish. The bulls will need to push the index above 46,300 to confirm a bullish trend.
Here are some factors to watch out for on Tuesday:
Global cues: The performance of global markets will be an important factor in determining the direction of the Bank Nifty.
Option expiry: Tomorrow is FinNifty expiry, so there could be some volatility in the banknifty too ahead of expiry.
Technical indicators: The technical indicators are mixed, but the 200-day moving average is still providing support.
Overall, the outlook for the Bank Nifty on Tuesday is bullish.
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