Nifty 50 to face resistance at 18,650; Nifty Bank may slip into downtrend - Business Standard

The daily chart shows that the Bollinger Bands are indicating strong support around the 43,290 level. A close below this level could potentially find support around 41,825. The Stochastic indicator is showing a downward slope, suggesting that bulls might weaken on price rises. Similarly, the RSI indicator is also sloping downward, indicating a bearish sentiment.

Traders should take these indicators into account when making trading decisions. In terms of price action, it is advisable for traders to keep an eye on the following levels: a close below 43,500 would indicate a downward trend in the near term, while support is expected around 42,950 and 42,050. However, if the index breaches the 44,500 level, the next resistance on the charts would be at 45,500.

In summary, the Bank Nifty Index is currently supported by the Bollinger Bands around 43,290, with potential support at 41,825 if this level is breached. The Stochastic and RSI indicators are both showing a downward slope, indicating a bearish outlook. Traders should be cautious of a close below 43,500, as this would confirm a downward trend. Support levels to watch for are 42,950 and 42,050. Conversely, if the index surpasses 44,500, it could encounter resistance at 45,500.

(Ravi Nathani is an independent technical analyst. Views expressed are personal).

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Nifty 50 to face resistance at 18,650; Nifty Bank may slip into downtrend - Business Standard
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