Analysis of Nifty Bank Index Chart
Key Levels Identified:
Resistance Levels:
48,515.30 – Strong resistance zone where price rejected earlier.
48,400-48,450 – Trendline resistance in a descending pattern.
Support Levels:
48,311.20 – Immediate support, where price is currently testing.
48,163.75 – Next key support below current price.
48,088.20 – Major support level, acting as a crucial base.
Short-Term View (Intraday to 1-2 Days)
Trend: Price is in a consolidation phase after a pullback from highs. A break below 48,311 may lead to a test of 48,163, while a bounce could target 48,400-48,450.
RSI: Showing a bearish crossover near 39, indicating potential weakness.
Trade Plan:
Bullish Scenario: If price holds 48,311, a rebound towards 48,450-48,515 is possible.
Bearish Scenario: If price breaks below 48,311, it may test 48,163-48,088.
Medium-Term View (Few Weeks)
Trend: Lower highs indicate a potential downtrend unless price breaks 48,515 convincingly.
Target:
Upside: If price crosses and sustains above 48,515, next targets are 48,700-48,800.
Downside: A breakdown below 48,163 could trigger a decline towards 48,000 or lower.
Long-Term View (Few Months)
Trend: Broader trend remains uncertain, with price facing resistance at 48,515.
Key Zones:
If 48,515 breaks, long-term bullish targets are 49,000+.
If price fails to hold 48,000, a deeper correction could happen.
Trading Strategy:
Target: 48,450-48,515 (Bullish) | 48,163-48,088 (Bearish)
Stop Loss: 48,350 (For shorts) | 48,250 (For longs)
Risk-Reward: Favor shorts below 48,300; longs above 48,400
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