Nifty & Bank Nifty Chart Anlysis

NIFTY:

Nifty traded in the narrow range of 16917-17092 in the last trading session. The overall market will be volatile led by negative global cues, so we need to follow our levels to trade in nifty and bank nifty.

Medium Support range- 16950-17000

Major support level- 16800-16850

Upper level- 17200-17250

If nifty open gap down and trades below 17000 in the first 1 hour we can expect more downside and if open higher it can beyond 17200 level.

Bank Nifty:

Bank nifty is under pressure led by private banks like axis and HDFC banks. It is making lower low and lower high in a 1-hour time frame.

support range- 35550-35950

upper range- 36600-36700

Bank nifty needs to close above 36600 for trend reversal for a short-term time frame.