24 May 2024 - BankNifty at support/resistance of 48947

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Nifty Bank Index (NSE:BANKNIFTY)

NSE:BANKNIFTY Nifty Bank Index

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Unlike Nifty which had broken out, BankNifty is still below its ATH. 48948 resistance and 48661 support were in play today. In fact, the first 16mts candles touched both these levels. We closed right at the resistance level. On Monday we expect a breach in resistance and a further up move. Our stance of bullishness continues.
We do not have further resistances and the ATH of 49974 is just two swings away.