BANKNIFTY OVERVIEW

 

BANKNIFTY Technical View with Target & Stop Loss

🧠 Chart Analysis Summary (From Image)

• Trend: Bank Nifty has formed a bearish candlestick on the daily chart.

• Indicators:

  • 10-day EMA: Price closed near the 10-EMA, indicating a possible trend shift.

  • RSI: Nearing bearish crossover, showing weakening momentum.

• Chart Pattern: Price appears to be forming a double top/resistance zone around 56,200.

---

🎯 Target & Stop Loss Setup

✅ Short-Term Trade Setup (Bearish Bias)

Type	Level	Explanation
Entry	55,900–56,000	Near current price / resistance zone
Target 1	55,200	Immediate support level as per LKP view
Target 2	55,000	Below S1 and towards stronger support
Stop Loss	56,250	Above resistance (R1) & recent highs

📉 Potential Downside:
Target 1 offers ~700–800 pts downside
Risk-Reward Ratio: ~1:2 if entry is near 56,000 with 250 pts stop.

---

✅ Support & Resistance Levels

Type	Levels
Support	55,317 (S1), 55,033 (S2)
Resistance	56,022 (R1), 56,445 (R2)

If Bank Nifty breaks below 55,200, then next targets can be S1 and S2 levels.

---

📌 Trade View

• Bias: Cautious bearish till RSI confirms a bounce.

• Conditions to Reverse View: If price sustains above 56,200–56,250 with strong volume and RSI bounce, then bullish breakout possible.

• Timeframe: 1–3 days (Intraday to Short-term)