BANKNIFTY Overview
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On Wednesday's session, Bank Nifty formed a small candlestick on the daily chart, indicating indecisiveness. However, the broader trend remains bullish as long as the index sustains above 49,700, making a buy-on-dips strategy favorable. Immediate support is seen at 50,000, while positional support lies at 49,700. On the upside, resistance is placed at 50,800 and 51,000 levels. A decisive breakout above these levels could drive further momentum in the index.
Equity & Derivative Segment - Daily Market Outlook
Daily Pivot Levels
Bank Nifty Chg. Bank Nifty Fut Chg. Pre/Dis
50,343 0.37% ↑ 50,531 0.43% ↑ 188.0 ↑
R1 R2 PP S1 S2
50,198 50,054 50,360 50,505 50,667
NIFTY Overview
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The Nifty remained mostly sideways during the session before closing slightly lower. On the lower end, the fall was limited to around 23,700, while the upside was capped at approximately 23,800. However, in the short term, the trend continues to favor the bulls as the index remains above the critical moving average, supporting a bullish outlook. On the higher end, the index may continue to move towards 24,050 in the near term. Meanwhile, support is placed at 23,500, where maximum put writing is visible
Equity & Derivative Segment - Daily Market Outlook
Nifty Spot Chg. Nifty Future Chg. Pre/Dis
23,696 -0.18%↓ 23,773 -0.05%↓ 76.3 ↑
Daily Pivot Levels
R1 R2 PP S1 S2
23,776 23,855 23,728 23,649 23,601
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