Banknifty Long Levels

Certainly! Let’s take a look at the recent levels for the BANKNIFTY index. Keep in mind that these levels are subject to change based on market conditions, so it’s essential to stay updated. Here are some key points:

July 31 Levels:

Price range: 51250 to 51900
Buy above: 51360
Stop loss: 51280
Targets: 51440, 51520, 51600, 51720, and 51800
Sell below: 51220
Stop loss: 51300
Targets: 51160

August 7 Levels:

Price range: Support zone
Buy above: 49860
Stop loss: 49780
Targets: 49940, 50020, 50100, 50220, and 50400
Sell below: 49640
Symmetric Triangle Targets Met:

Bank Nifty successfully hit both targets from the recent symmetric triangle pattern within two days.

Immediate support: 49,620
Immediate resistance: 50,420 and 50,700
Intraday Trade Setup for August 5, 2024:
Bullish above: 51610
Invalid below: 51500

Targets: 52137
Bearish below: 51080
Invalid below: 51190
Targets: 50550

Bearish Divergence:

The RSI reading on BNF shows bearish divergence, which may lead to a test of Fibonacci retracement levels around 49650.