Bank Nifty closed at 44,584 on September 29, 2023, up by 0.64%. The index has been trading in a range for the past few days, with support at 44,300 and resistance at 44,900.
Technical Analysis:
Moving Averages: The 5 DMA and 100 DMA are bullish, while the 10 DMA, 20 DMA, and 50 DMA are bearish.
MACD: The MACD is below the signal line, indicating a bearish trend.
Overall Outlook:
The technical indicators are mixed, suggesting that the Bank Nifty is likely to remain range-bound to bearish tomorrow.
Support and Resistance Levels:
Support: 44,400, 44,300, 44,150,
Resistance: 44,700, 44,800
Additionally, please keep in mind the following factors that could impact the Bank Nifty's performance tomorrow:
Dow Jones is clearing bearish. Everytime after opening gapup, dow jones closed in red since last few trading sessions.
Due to this negative sentiments it's high probability that banknifty can open gapdown.
$$Trading Strategy:
Traders who are bullish on the Bank Nifty can look to buy on a break above 44,800 with a stop loss below 44,700. Traders who are bearish on the Bank Nifty can look to sell on opening with a stop loss above Friday's closing which was 44584.
Last support for tomorrow can be 44,100 and below 44,100 we can see 43,800 too.