BANKNIFTY overview

 BANKNIFTY overview from here is a breakdown including view, target, and stop loss:

🔍  (Summary): Market Sentiment: Consolidation at higher levels, with a bullish bias.

Reasoning:

Indecisive candlestick suggests consolidation.

Buying interest seen at lower levels.

Bullish RSI crossover – indicates upward momentum.

Market awaiting cues from RBI monetary policy.

🎯 Trading Strategy: Buy on Dips ✅ Entry Zone: Buy around or above 54,500, as mentioned that the bullish tone is valid if index stays above this level.

🎯 Target Levels: Immediate Target (Resistance): 55,800

Extended Target (R2 Pivot): 56,161 (if momentum continues)

🛑 Stop Loss: Positional Support (Stop Loss): 54,800 (key level to watch for breakdown)

More conservative stop loss could be S1 Pivot Level: 55,167

🔄 Conclusion: View: Bullish as long as BANKNIFTY trades above 54,500.

Target: 55,800 → 56,161

Stop Loss: Close below 54,800 or 55,167 (depending on risk tolerance)