Bank Nifty Support and Resistance Levels 18Dec23

16 Ara 2023

- **Support Levels:**
1. 48071
2. 47600
3. 47400

- **Resistance Zone:**
- 48213 (If Market Opens Gapdown)
- No significant resistance levels on the upside as per the chart.

- **Resistance Levels with Open Interest (OI):**
1. 48200 (Big Resistance)
2. 48500

**Analysis:**
- The market has broken higher levels, and new support and resistance levels have been identified.
- The support levels at 48071, 47600, and 47400 are crucial for monitoring potential downside movements in Bank Nifty.
- The resistance levels at 48213 (if gapdown), 48200, and 48500 are significant, and a sustained move above these levels may indicate further upside potential.

**Important Considerations:**
- Stay informed about relevant news, economic indicators, and global events that might impact the financial markets.
- Ensure a well-defined trading strategy and use risk management tools to manage potential losses.
- Regularly monitor price action and technical indicators for insights into market dynamics.