Bank Nifty Technical Analysis - 22nd February 2024

21 feb

Bank Nifty Technical Analysis - 22nd February 2024

## Overview

Bank Nifty exhibited price movements aligned with our identified support and resistance levels. Traders are encouraged to closely monitor these levels for potential market insights.

### Support Levels

**1. Support Zone 1: 46,425 to 46,000**
- A crucial support zone that provided stability. If the market opens with a gap-up above 47,120, this support zone may extend to 47,100.

**2. Support Zone 2 (Conditional): Below 46,933**
- If the market opens below 46,933, it might serve as a resistance zone, signaling a potential shift in market sentiment.

### Resistance Levels

**1. Resistance Level 1: 47,200**
- A key resistance level. If the market sustains above this level, it may pave the way for further upside movements.

**2. Resistance Level 2: 47,600**
- A significant resistance zone. Traders should closely observe the market's behavior if it approaches or surpasses this level.

### Technical Insights

#### Support Levels Analysis

The initial support zone of 46,425 to 46,000 played a crucial role, offering stability. In case of a gap-up opening above 47,120, 47,100 may act as an additional support level. Traders are advised to consider these levels in their decision-making process.

#### Resistance Level Analysis

Resistance levels at 47,200 and 47,600 are essential for traders to monitor. A sustained move beyond 47,600 could indicate a potential upside trend in the market.