7th May 2023 Bank nifty levels

 In today's post  7th May 2023, we will be discussing the positional levels for Bank Nifty, which is one of the most widely traded index options in the Indian stock market. As of now, Bank Nifty is trading above its trend line, indicating a bullish sentiment. However, it has been facing resistance near the 44160 level, while its major support level is at 41800. Let's take a closer look at the positional levels.

Major Support and Resistance Levels:

Bank Nifty is currently trading above its trend line and major support level is at 41800. If it breaches this level, we can expect a downward movement in the index. On the other hand, the major resistance level is at 44160. If Bank Nifty breaks out above this level, we can expect a further bullish momentum.

Intraday Levels:

For those who prefer intraday trading, here are some key levels to watch out for:

• 43700
• 43500
• 43350

43000 - Buy Call Option: If Bank Nifty breaks down below the 43000 level, it may be a good opportunity to buy a Call option with a target of 43350, as this level could act as a resistance.

42600 - Buy Put Option: If Bank Nifty breaks down below the 42600 level, it may be a good opportunity to buy a Put option with a target of 42380-430, as this zone could act as a support.

42220 - Buy Call Option on Dip: If Bank Nifty dips below the 42220 level, it may be a good opportunity to buy a Call option with a target of 43350, as this level could act as a resistance. Keep the Stop Loss at 42100.

In conclusion, Bank Nifty is currently in a bullish trend, but traders should be cautious of the major support and resistance levels. The intraday levels can be used as entry and exit points for trading positions. We hope this post helps you in making informed trading decisions. Happy Trading!

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