Bank Nifty is at crucial level near 18643- Why it is an important level?

Today Bank Nifty is under pressure and near its support level of 18643. This is a crucial level and in case its break then positive optimism will go out of window. As then we can see a lower level at 16000 level. It is a level from where bank nifty has bounced from recent low when Nifty has went to 7500 level.

In case, from here it start moving high then you can take a long position in Bank Bees (ETF)- currently it is trading at Rs 191.20 level and look for target of Rs 200. Do not open this trade right now, trade only if bank nifty moves back to 18900 level

Bank Nifty Daily Chart.

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Chart Source: icharts.in/platinum-charts.html

This chart is clearly showing how important is this level. So keep a watch on this crucial level. As if its breach this level than we will move back lower to 16000 level.

Open short through Bank Nifty put options in case this level not holds. Chances of breaching is getting higher and higher. So keep a watch on this level.

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