Bank nifty on sustaining above 40400 can tgt 40600 and we need to see if gap up opening will be sustained or not. Bank Nifty is stronger than Nifty as per charts. Conversation between Bank Nifty and Nifty is as appended below:
BANKNIFTY : Main udna chahti hoon
NIFTY : Nahin Dungi
Bank Nifty Spot View For: 01/03/2023
Cmp: 40269.05
Support & Downside Range: 40140—40070--39745
Resistance & Upside Range: 40530—40659-40800
Short Term Trend Reversal Level: --
Trading View: Bank index is relative strong then nifty since last couple of days it has immediate support placed at 40140—40070 spot zone till the time it trades above this zone bank index has potential to lift nifty up in today's trading session it has a multiple rest placed near 40530 spot levels a move above it we may see some good short covering move till minimum 40659 and max 40800 levels.
NIFTY and BANKNIFTY both at the resistance levels 17420 and 40550
NIFTY if breaks its resistance we might see some crazy short covering in BANKNIFTY.
Tracking NIFTY is key today around 17420 regions.