Nifty may take support around 19,170; Bank Nifty near 43,600

According to Ravi Nathani, an independent technical analyst, the Nifty can potentially take support around 19,170 - 19,050; Bank Nifty remains rangebound within 43,600 - 45,100.

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Nifty 50 Index: Buy on dips near support levels

The Nifty 50 Index is currently at 19,265.80 and is showing a downward trend on the charts in the near term. However, there is potential support around 19,170 and 19,050, making this a crucial level for traders to keep an eye on.

Accumulating the index around these levels could align well with the bullish trend noted on short-term charts. On the other side of the spectrum, resistance levels are anticipated at 19,400, 19,500, and 19,600. These levels might pose challenges for the index as it attempts to gain upward momentum.

In essence, the Nifty 50 Index is in the midst of short-term fluctuations, with both support and resistance levels coming into play.

Traders are advised to carefully consider their trading strategies, especially as the index hovers around the support levels, potentially indicating a bullish opportunity in the near term.

Nifty Bank Index Range-Bound on charts

The Nifty Bank Index, currently standing at 44,231.45, finds itself within a range-bound pattern, oscillating between the levels of 45,100 and 43,600. This confined range holds a significant role in determining the index's potential future movements.

A noteworthy point is that a trade executed above or below this range could signal a substantial directional shift, adding a sense of anticipation to the market sentiment.

Specifically, if the index manages to break above the upper range of 45,100, the resistance level to watch would be 45,525, while if it breaches below the 43,600 mark, the subsequent support level would be 42,850.

Given this range-bound behavior, a prudent approach for traders would be to exercise patience and observe for a decisive breakout. This breakout would offer a clearer indication of the index's intended direction, thereby guiding trading decisions.

(Ravi Nathani is an independent technical analyst. Views expressed are personal).