Nifty Bank Index (Bank Nifty) - Daily Time Frame Analysis
Technical Analysis:
1. Overall Trend:
The Bank Nifty is showing signs of consolidation in the recent past, as it has been moving within a range between 51,000 and 53,200. The index recently bounced off its support near 50,800 and is testing resistance at around 52,000.
2. Support and Resistance Levels:
Resistance Levels:
Immediate resistance at 52,000-52,200 (recent swing high).
Strong resistance at 53,000-53,200 (near previous highs).
Support Levels:
Immediate support at 51,600 (yesterday’s low).
Strong support at 50,800-51,000 (previous consolidation area).
Further support near 49,800 if the price breaks below the key levels.
3. Candlestick Patterns (Last 11 Candlesticks):
The past 11 candlesticks suggest indecision and range-bound behavior. There are alternating red and green candles, showing that both buyers and sellers are battling for control. No clear momentum is visible yet for a strong breakout or breakdown.
4. Volume:
Volume levels are slightly lower than the average (volume moving average is around 154 million, and the recent day’s volume is around 151 million). If we see increasing volume with a breakout above resistance or a breakdown below support, it would be a strong confirmation.
Intraday Support and Resistance Calculation Using Last 11 Candlesticks:
1. Pivot Points:
Pivot (P): 51,538
Resistance (R1): 52,039
Support (S1): 51,040
Resistance (R2): 52,340
Support (S2): 50,739
2. Fibonacci Levels (Recent High-Low):
Fibonacci Resistance (61.8%): 52,200
Fibonacci Support (38.2%): 51,250
💡 Day Trading Strategy:
If Bank Nifty breaks above 52,200 with strong volume, consider long positions with a target of 52,800-53,000.
If it breaks below 51,040, short positions can be considered with a target of 50,800-50,500.
1. Overall Trend:
The Bank Nifty is showing signs of consolidation in the recent past, as it has been moving within a range between 51,000 and 53,200. The index recently bounced off its support near 50,800 and is testing resistance at around 52,000.
2. Support and Resistance Levels:
Resistance Levels:
Immediate resistance at 52,000-52,200 (recent swing high).
Strong resistance at 53,000-53,200 (near previous highs).
Support Levels:
Immediate support at 51,600 (yesterday’s low).
Strong support at 50,800-51,000 (previous consolidation area).
Further support near 49,800 if the price breaks below the key levels.
3. Candlestick Patterns (Last 11 Candlesticks):
The past 11 candlesticks suggest indecision and range-bound behavior. There are alternating red and green candles, showing that both buyers and sellers are battling for control. No clear momentum is visible yet for a strong breakout or breakdown.
4. Volume:
Volume levels are slightly lower than the average (volume moving average is around 154 million, and the recent day’s volume is around 151 million). If we see increasing volume with a breakout above resistance or a breakdown below support, it would be a strong confirmation.
Intraday Support and Resistance Calculation Using Last 11 Candlesticks:
1. Pivot Points:
Pivot (P): 51,538
Resistance (R1): 52,039
Support (S1): 51,040
Resistance (R2): 52,340
Support (S2): 50,739
2. Fibonacci Levels (Recent High-Low):
Fibonacci Resistance (61.8%): 52,200
Fibonacci Support (38.2%): 51,250
💡 Day Trading Strategy:
If Bank Nifty breaks above 52,200 with strong volume, consider long positions with a target of 52,800-53,000.
If it breaks below 51,040, short positions can be considered with a target of 50,800-50,500.
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