On November 30, the Bank Nifty snapped a four-day winning streak, but the correction was very low, which was on expected lines after over 1,100 points rally in previous four days. The banking index fell 85 points to 44,482 but stayed far above the downward-sloping resistance trendline as well as the low of Wednesday's trade, which is a positive sign.
The index has formed a bearish candlestick pattern with a long lower shadow on the daily scale as some buying was visible at lower zones. It continued its formation of higher highs and higher lows from the past five sessions.
"Now, it has to continue to hold above the 44,444 area, for an up move towards 44,750 then 45,000 levels, while on the downside support is expected at 44,250, then 44,044 zones," Chandan Taparia, Senior vice president | analyst-derivatives at Motilal Oswal Financial Services said.
As per the pivot point calculator, the index is expected to see resistance at 44,695, followed by 44,816 and 45,011, while on the lower side, it may take support at 44,306, followed by 44,185 and 43,990.