Bank Nifty Analysis for 24-04-2024 expiry.

BankNifty touched the resistance zone of 48250 and reversed from there. Post which we had a sideways market.
It also to be noted that VIX has crashed nearly 20% for today. We can expect a sudden fall or raise in market due to this crash in upcoming days. Also, this will be good trade setup for option sellers but still the sudden spike n market will affect their setup as well.

Below are the BankNifty levels for 24/4/2024 expiry.

If BankNifty sustains above the resistance of 48250 we can expect a upward movement to above resistance levels

Below are the resistance levels to watch

1. Resistance 1 48550
   
2. Resistance 2 49000
   

If BNF moves downward and breaks the major support at 47900. We can expect a next support at 47700.

Below are the support levels to watch

1. Support 1 47700
   
2. Support 2 46600