Trapped in Morning Moves! What\’s next in Bank Nifty?

Let\’s find out Bank Nifty Movement

Today was a high volatile day as BNF reversed aggressively from same low range area of last 2 days. It about to breakdown & touch low of level of 41600 created on 26 Dec 22. Sudden attempt by Bulls to achieve Open = High on Calls side forced wild Short Covering early morning & BNF climbed up to claim its morning high. 42500 is the critical level where both Bulls & Bears are having psychological attachment it seems. Since 5th Jan 23, this level has been playing an important role to trigger wild moves on either side.

Index Future has created a Hammer on Daily TF today, again taking resistance from same 42500 level. It would be interesting to see whether we have a gap up opening to beat this resistance & go up further or gap down & re-test today\’s low. I feel, if global sentiments remains positive tomorrow, we may have a good day for Bulls. On the contrary, if today\’s Low is broken with rigor, 41600 level is on the cards! Let\’s hope for the Best !