On the eweekly time frame, Bank nifty has successfully above the support of 20 Day EMA levels and hence Bank nifty can further move higher towards the next resistance of 48650 levels.
The options data suggests that the trading range for today s expiry is between 19,700 and 20,000. Nifty Put options OI concentration is the highest at 19,500 followed by 19,600 and 19,800 which are likely to act as support with the highest writing at 19,800 and 19,700 strikes.
Rupak De, Senior Technical analyst at LKP Securities expects bearish trend to continue in the markets going ahead till the time Nifty stays below 19,500, with initial support likely around 19,330. A fall below this level could take the Nifty towards 19,250-19,200, he opines.
Stocks like Bajaj Finance, Hero Moto, IndusInd Bank, AB Capital, Bandhan Bank, Oberoi Realty and Shriram Finance can remain under pressure. Investors can start accumulating BPCL and ITC in the fall, said analysts.