Support Levels:- 45,600-45,200 Resistance Levels:- 46,700-47,000 Overall Bias:- Sideways to Bullish
Benchmark indices concluded lower in a volatile session on January 20, with Nifty hovering around 21,600.
On the daily chart, Bank Nifty is consolidating within the range of 45430 to 46250, and as long as the price remains within this range, it is expected to move sideways; however, a breakout above 46250 could lead to momentum towards 47000, while a break below 45430 may find support around 45000.
Additionally, on the weekly timeframe, Bank Nifty has successfully closed above the support of the 100-day and 200 Exponential Moving Average (EMA) levels, indicating potential for further upward movement towards the next resistance at 47,000, representing the 50% Fibonacci retracement level.
As of the latest update, Bank Nifty January futures are trading at a premium of 192 points compared to the Bank Nifty spot price.
Shifting focus to options, the Open Interest (OI) distribution for Bank Nifty Put options highlights the highest concentration at the 45,500 level, likely serving as a significant support level for the current expiry. On the Call side, noteworthy OI concentrations are observed at the 46,500 and 47,000 strikes, suggesting potential resistance for the ongoing expiry.
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