BankNifty faced a notable downturn as it breached the support level of 47737 and closed below, signalling market weakness and potential further downside. Any bounce observed might serve as an opportunity for a "Sell on Rise" strategy. The immediate support lies within the range of 47204 to 47345, while the closest resistance zone for BankNifty is positioned between 48222 and 48457. Meanwhile, a more distant support zone is identified at 46870 to 47015. Traders are advised to exercise caution and closely monitor these levels amidst the prevailing market conditions.
