#BANKNIFTY - POSITIONAL VIEW

11 Nis 2023

The Banknifty index has been demonstrating an upward trend on a daily basis, although at Damis Investments, we anticipate a potential short-term decline. This is attributed to the fact that the current momentum appears to be primarily driven by news rather than sound market fundamentals. As a means of substantiating our bearish stance, we would like to present you with key resistance levels that can be utilized to establish short positions. Notably, the Banknifty spot's significant resistance ranges from 41450-41650 and 41800-42000. Hence, one can take advantage of this opportunity to initiate a short position within the given range, targeting 40950-40750 with a small stop loss at 42100.