Nifty Bank: A close below 43,700 will trigger fresh round of selling

In such a case, further support for the Nifty Bank index is projected around 43,350, 42,600, and 41,500

Nifty Index 

The current price of the Nifty Index is 19,428.30. Looking at the charts, it appears that the near-term trend is pointing downwards. To shift this trend to a positive one, the index needs to trade above 19,650. On the other hand, if it closes below 19,300, we might see a new wave of selling. In such a scenario, the next expected support levels are around 19,210 and 19,080.

Trading strategy:

Buy above 19,645: If the index goes above this level, consider buying with a target set at 19,700 and potentially 19,780.

Sell Below 19,300: If the index drops below 19,300 and closes there, selling with a target of 19,210 and 19,080.

Buy near 19,300 and sell near 19,645: Until a clear breakout is observed on the charts, another strategy is to buy when the index is near 19300 and sell when it's near 19645.

Bank Nifty Index

The current price of the Bank Nifty Index is 44,199.10. A look at the charts suggests that the near-term trend is pointing downwards. However, there is a robust support level anticipated around 43,700. If the index closes below this level, it could trigger a new wave of selling. In such a case, further support is projected around 43,350, 42,600, and 41,500. Considering the short-term trend appears positive on the charts, the ongoing correction could be seen as an ideal opportunity to gather the index and its components at the aforementioned support levels.

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Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He doesn't hold any positions in the indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security.