Bank Nifty Analysis for 07-08-2024: Support & Resistance Levels
The Bank Nifty index is currently experiencing a bullish trend but hints at possible consolidation ahead. An M-shaped candlestick pattern has emerged, signaling a potential decline if key support levels are breached.
Support Levels
The primary support levels to watch are 49,670 and 49,000. A drop below 49,670 could lead to further depreciation towards the 49,000 marks.
Resistance Levels
On the flip side, resistance is observed at 51,000 and 51,500. Surpassing the 51,000 level might ignite a rally towards 51,500.
Market Sentiment
The market is likely to find substantial support in the range of 49,670-46,500, reinforcing this area as a crucial support zone. Buyers may consider entering trades at these levels.
On the upside, 50,200 is expected to act as strong resistance. If the market fails to break through this resistance, it presents an opportunity for sellers to initiate trades.
Technical Indicators for Bank Nifty:
Max Pain: 50,200
PCR (Put-Call Ratio): 0.52 Bearish
IV (Implied Volatility): 24.39 as of the closing on 06-08-2024.
Stay tuned for more updates on Bank Nifty prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
Support Levels
The primary support levels to watch are 49,670 and 49,000. A drop below 49,670 could lead to further depreciation towards the 49,000 marks.
Resistance Levels
On the flip side, resistance is observed at 51,000 and 51,500. Surpassing the 51,000 level might ignite a rally towards 51,500.
Market Sentiment
The market is likely to find substantial support in the range of 49,670-46,500, reinforcing this area as a crucial support zone. Buyers may consider entering trades at these levels.
On the upside, 50,200 is expected to act as strong resistance. If the market fails to break through this resistance, it presents an opportunity for sellers to initiate trades.
Technical Indicators for Bank Nifty:
Max Pain: 50,200
PCR (Put-Call Ratio): 0.52 Bearish
IV (Implied Volatility): 24.39 as of the closing on 06-08-2024.
Stay tuned for more updates on Bank Nifty prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
Disclaimer
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