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 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 is trading at 13.45.
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 Wednesday Feb, 15, 2023.
Yesterday Levels Result
Our yesterday levels worked perfectly. BankNifty Opened but could not cross our 1st resistance level and reversed from 41410 in morning session and made low of 41195 in the morning. After this it took support at previous close and then crossed 1st Resistance of 41410 with volume and then breached 2nd Resistance where profits were booked. It then resisted as per our 3rd resistance level of 41727. Which worked as strong resistance for the day. 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 |
41,648 |
|
Support - S1 |
41516 |
|
Support - S2 |
41410 |
|
Support - S3 |
41176 |
