BANKNIFTY- 42700 is an obstacle ???The 42500 level previously acted as a strong resistance, but the price has now broken through it without a retest.
However, the 42360-42400 level has emerged as a new support level, preventing further downward movement.
Tomorrow, we can expect a retracement to occur from the strong resistance at 42760-42720 level,
and if there is bearish pressure, we could see the price return to the 42500 and 42400 levels.
Observations:
If the retracement occurs at a slower pace, we can anticipate further upward movement towards the 42700 and 42850 levels.
However, if the price finds support at the 42500 and 42380 levels, but is unable to move higher, we may observe a bearish trend in the BANKNIFTY.
