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 currently trading in very tight range of 400 points for last few days i.e. 41,300-41,700. 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 has moved higher from 12.75 to 13.68 rising 7% on Monday.
As per VIX, we expect a slight gap Up/Down Opening on Tuesday. We are slightly bullish on bank nifty and see following important levels for Tuesday Feb, 14, 2023.
Yesterday Levels Result
Our yesterday levels worked perfectly. BankNifty could not cross our 1st resistance level and reversed from 41657 in morning session and reached our 1st support level of 41455 where profit was booked easily. Then after showing support at S1, bears became active and send it to our 2nd support levels of 41255. If You see the chart attached, 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 |
41727 |
|
Resistance - R2 |
41514 |
|
Resistance - R1 |
41410 |
Previous Close |
41,282 |
|
Support - S1 |
41024 |
|
Support - S2 |
40752 |
|
Support - S3 |
40532 |
