"Bank Nifty Levels: Intraday and Weekly Outlook for April 10, 2023"

 Bank Nifty Levels: Intraday and Weekly Outlook for April 10, 2023

The Bank Nifty is likely to struggle in the coming week, according to market analysts. The major resistance level for the week is expected to be around 41300, as per the daily trend line. If the index manages to close above this level, it may move towards 41800 and subsequently to 43000. However, it seems that the major resistance is on 41300, and the first support will be around 40800. If the index breaks below this level, a decent fall may be expected toward 39350.

For the intraday level on April 10, 2023, we can refer to the 5-minute chart with a 2-candle break and confirmation. The 41300-41350 zone is considered a major resistance level, and it would be wise not to carry or buy any CE till it crosses and closes and confirms above 41350. On the other hand, if the index breaks below 41000, one can consider buying PE. Moreover, if it breaks above 41060, buying CE may be a good option. Other support and resistance levels to watch out for are 40900, 40700, and 40500.

In terms of options change option interest, the put-call ratio is negative and less than 1, indicating that the market may not be showing bullish tendencies. CE side shows an option interest of 893360, while PE has 701550, which is less than 1. This suggests that there is a higher demand for calls than puts in the market, indicating that investors are expecting the index to rise.

Overall, the Bank Nifty may face some resistance at the 41300 level, and investors should be cautious while taking long positions. Keeping an eye on the support and resistance levels and monitoring the option interest can help in making informed trading decisions.

Bank Nifty Levels

It seems the market will struggle this week

Major Resistance is 41300 (it's coming as per the Daily trend line) 

if any closing above 41300 the market will go to 41800 and 43000 subsequent

but it seems the major resistance is on 41300 & first support will be 40800, if its breaks then decent falls will see towards 39350

10 April 2023 - Monday Intraday level  (with 5 min chart with 2 candle break & confirmation)

41300- 41350 - Zone - exists from CE & major resistance and will not carry or buy any CE till it crosses and closed and confirm on 41350  or buy PE once its shows break down

41060 - If this breaks up this level then buy CE

41000 - if this breaks down these levels buy PE

40900

40700

40500

Further OPtion change Option interest shows levels as 

The put call ratio is negative and less than 1 - which means the market will not show bullish 

CE side 893360 & PE 701550 which is less than 1

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