Banknifty spot chart Analysis for 16.01.2023

Banknifty standing just above a strong support of 42349.

if banknifty moves above 42349 then it may reach 42508 .

between 42508 to 42671 is also an extremely strong resistance zone .

If Bank Nifty crosses over 42671 then it may also cross 42814 and may reach to the level of 42966.



if banknifty moves down below where it left off then it may also cross 42191 and may reach to the level of 42041.

if banknifty crosses below 42041 then it may also cross 41887 and may reach to the level of 41733.

If banknifty crosses down 41733 then it take bounce back from bounce back zone.

it is highly unlikely that banknifty will cross 43113 tomorrow and reach higher levels.