Bank Nifty is trying to go up today after defending the low of yesterday.

Bank Nifty Resistance Levels are 32,600 and 33,700 — and we are like to see a retest of these levels this week.

Bank Nifty Support Levels are 31,650 and 31,800 — therefore, long positions should be closed below 31,600.

In the current period, Bank Nifty Futures trading is producing much better results than Bank Nifty Options trading.

The uptrend has broken since yesterday, 15th October, and the 5 day SMA has changed/reversed its direction from upwards to downwards. This will create selling pressure on any upmove next week. Momentum indicator (CCI) is also pointing towards weakness. New long positions can be added on closing above 23,600 and further long positions can be added on closing above 24,200 (which has been the resistance level for last 2 months).