The image is a market analysis report for Bank Nifty, provided by LKP Securities Ltd. Here’s a breakdown of the key points:
LKP View (Market Analysis) Recent Market Behavior:
On Wednesday, Bank Nifty witnessed profit booking, resulting in the formation of a bearish candlestick on the daily chart.
Despite this, the overall trend remains bullish.
Trading Strategy:
Traders should adopt a buy-on-dip strategy as long as the index stays above 50,400.
Support & Resistance Levels:
Support: 51,000 & 50,800
Resistance: 51,800 & 52,000
A breakout above 52,000 could lead to further upside momentum.
Market Expectation:
Some consolidation (sideways movement) is expected in the next few sessions.
Market Data (Bank Nifty & Futures) Index Value Change Bank Nifty 51,209 -0.77% Bank Nifty Futures 51,273 -0.76% Pre/Discount (Futures vs Spot) 64.4 points ↑ Both Bank Nifty & its Futures fell by around 0.77%.
Futures are trading at a premium of 64.4 points over the spot price.
Daily Pivot Levels (Technical Indicators) Level Value R1 (First Resistance) 50,894 R2 (Second Resistance) 50,578 PP (Pivot Point) 51,385 S1 (First Support) 51,700 S2 (Second Support) 52,191 Pivot Point (PP) at 51,385 acts as the neutral level.
If the index moves above resistance levels (R1/R2) → Bullish trend.
If the index breaks below support levels (S1/S2) → Bearish trend.
Key Takeaways Short-term market weakness, but long-term trend remains bullish.
Traders should buy on dips above 50,400.
Resistance at 51,800-52,000, a breakout above this could trigger more gains.
Consolidation expected before the next strong move.
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