Banknifty Analysis by Bull Trade.
Banknifty index crossed 50,000 yesterday at the opening hour and touched day high at 50,186.45, however, closed almost flat at 49,846.
The Bank Nifty faced rejection at the 50,200 level, a strong resistance point. It closed at 49,800, forming a bearish candlestick. For momentum to continue, Bank Nifty needs to decisively break above 50,200. Until then, it is likely to trade range-bound, with support at 49,500 and resistance at 50,200.
Banknifty index crossed 50,000 yesterday at the opening hour and touched day high at 50,186.45, however, closed almost flat at 49,846.
The Bank Nifty faced rejection at the 50,200 level, a strong resistance point. It closed at 49,800, forming a bearish candlestick. For momentum to continue, Bank Nifty needs to decisively break above 50,200. Until then, it is likely to trade range-bound, with support at 49,500 and resistance at 50,200.