Bank Nifty positional and intraday levels - 1 MAY 2023

 Welcome to the Bank Nifty positional and intraday levels blog!

In this blog, we will discuss the important levels for Bank Nifty for positional as well as intraday trading. Please note that these levels are for informational purposes only and should not be taken as investment advice. It is always advisable to do your own research and consult a financial advisor before making any investment decisions.

Let's start with the positional levels:

Positional Levels:

Bank Nifty Spot Price: 44160

Resistance Levels:

44160

44600

45000

Support Levels:

43600

43000 (Strong support level)

Market Outlook:

Currently, the market is in an uptrend and is expected to continue. Any dip in the support levels can be used as a buying opportunity. Avoid taking put options unless the market shows a negative close below 43000.

Intraday Levels:

Bank Nifty Spot Price: 43700

Resistance Levels:

43700

43500

43350 (Buy call if it breaks up)

Support Levels:

43600

43350

43000 (Buy a call option if it reaches and holds)

Market Outlook:

Intraday traders can use the 5-minute chart and refer to the trendline marks of the 16th, 17th, and 20th of March. Any break above the resistance levels can be used as a buying opportunity, while any break below the support levels can be used as a selling opportunity. If the 42950-43000 zone breaks, it can be used as a buying opportunity for put options.

That's all for now! We hope you found this blog informative. Remember to always do your own research and trade responsibly. Happy Trading!

5 Min chart

Daily chart

Stocks for educational purposes

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