Bank Nifty Outlook 29/08/2022

Bank Nifty Outlook 29/08/2022

1. US Markets down by 2.5-3% on Friday. Huge Selling came.

2. All Asian Markets are heavily down today.

3. SGX Nifty down by 375 points…suggesting 350 points down and almost 700 points gap down opening in Bank Nifty

4. Daily Bank Nifty Range : 37900 to 38500.

Support Resistance
38800 39258
38400 39750
37900    
   
   
   

5. Important level to watch 38800. If Bank Nifty remains below this and sustains with volume, it can even touch 38400 also. So no put writing today.

6. 38400 very important support, if falls below and sustains, it will turn bearish for short term.

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