Bank Nifty is expected to continue its downward trend tomorrow, potentially dropping below the 47,000 mark. The index closed at 48,083.60 today, down 0.26% from yesterday’s close.
Bank Nifty chart analysis
Technical indicators
- Moving Average Convergence Divergence (MACD): The MACD is bearish, indicating that the downward momentum is strong.
- Relative Strength Index (RSI): The RSI is below 50, which suggests that the index is oversold. However, it is still trending down, indicating that there is more room for downside.
- Bollinger Bands: The Bank Nifty index is trading below the lower Bollinger Band, which is another bearish signal.
Support and resistance levels
- Support: 47,000 and 46,500
- Resistance: 48,500 and 49,000
Overall, the technical outlook is bearish for Bank Nifty. The index is likely to decline further tomorrow and could test the support levels of 47,000 and 46,500.
Disclaimer: This is just a short news article based on technical analysis. I am not a financial advisor and this is not financial advice. Please do your own research before making any investment decisions.
