Bankex Analysis for 03-08-2024: Support & Resistance Levels
Will Indian Banking Stocks (Bank Nifty & Bankex) Holds Amidst Global Economic Uncertainty and US Banking Sector Woes?
Amidst rising uncertainties in the US economy, particularly within the banking sector, the Indian stock market pulled back from its all-time high on Friday. This retreat was a result of a widespread selloff in global markets, which had a pronounced impact on Indian equities. Banking stocks, in particular, faced significant pressure. The Bankex index registered a notable decline of 0.41%, suggesting potential profit booking at these levels. This downturn mirrors the broader market sentiment, which is currently swayed by geopolitical instability and economic concerns from leading global economies. The combined influence of these global factors underscores the interconnected nature of today's financial markets, where developments in major economies can have immediate and profound effects on markets worldwide.
Bankex Support & Resistance Levels for Tomorrow:
Support Levels:
The first support level is at 58,400 followed by a stronger support at 57,800.
Resistance Levels:
On the upside, the index is already trading above its resistance at 58,850 and strong resistance at 59,100 for Intraday.
Technical Indicators for Bankex Select Prediction:
Max Pain: 58,500
PCR (Put-Call Ratio): 0.64 Bearish
IV (Implied Volatility): 11.32 as of the closing on 02-08-2024.
Since, market is over sold Banking Sector can show a re-bounce.
Stay tuned for more updates on Bankex prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
Amidst rising uncertainties in the US economy, particularly within the banking sector, the Indian stock market pulled back from its all-time high on Friday. This retreat was a result of a widespread selloff in global markets, which had a pronounced impact on Indian equities. Banking stocks, in particular, faced significant pressure. The Bankex index registered a notable decline of 0.41%, suggesting potential profit booking at these levels. This downturn mirrors the broader market sentiment, which is currently swayed by geopolitical instability and economic concerns from leading global economies. The combined influence of these global factors underscores the interconnected nature of today's financial markets, where developments in major economies can have immediate and profound effects on markets worldwide.
Bankex Support & Resistance Levels for Tomorrow:
Support Levels:
The first support level is at 58,400 followed by a stronger support at 57,800.
Resistance Levels:
On the upside, the index is already trading above its resistance at 58,850 and strong resistance at 59,100 for Intraday.
Technical Indicators for Bankex Select Prediction:
Max Pain: 58,500
PCR (Put-Call Ratio): 0.64 Bearish
IV (Implied Volatility): 11.32 as of the closing on 02-08-2024.
Since, market is over sold Banking Sector can show a re-bounce.
Stay tuned for more updates on Bankex prediction to navigate the volatile market conditions effectively.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
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