BankNifty technical analysis and levels for next day are updated everyday after the market closes. You can use the levels for learning and backtesting purposes. These levels are based on support & resistance can be used to exit & take an entry. Major support & resistance levels are reversal levels where the market may turnaround, hence can be used for entry & exit for paper trading as well.
Summary
BankNifty is still trading in very tight range of 500 points for last few days i.e. 41,300-41,800. This is good time for Option Sellers taking safe and decent profit intraday as market is not giving huge moves. If we see Volatility Index, VIX is trading at 12.86.
As per VIX, we expect a neutral to positive Opening on Wednesday. We are slightly bullish on bank nifty and see following important levels for Thursday Feb, 16, 2023.
Yesterday Levels Result
Our yesterday levels worked perfectly. BankNifty Opened above but could not sustain previous closing levels of41648 and reversed to achieve our first support at 41516 in the morning. BankNifty again tried to breach previous close at 11:20-11:25, but again pulled down by bears to reach our same support level of 41516. It tried again in afternoon session and manage to break previous close with high volume and reached high of 41795 still under 41800 range. If You see today’s charts, you will find that our levels behaved as actual support and resistance and once they broker, next levels were achieved.
| Particulars | BankNifty Levels |
|---|---|
|
Resistance - R3 |
42270 |
|
Resistance - R2 |
42019 |
|
Resistance - R1 |
41865 |
Previous Close |
41,731 |
|
Support - S1 |
41657 |
|
Support - S2 |
41460 |
|
Support - S3 |
41282 |
