BANKNIFTY OVERVIEW 23/2/2026

 

📊 BANKNIFTY – Daily Chart Technical View CMP: ~61,172

🔎 Chart Observation: Price trading near major resistance zone 61,500–61,600

Immediate support at 60,500

Strong support at 57,600

RSI ~59 → Bullish but not overbought

MACD positive crossover with strong histogram → Uptrend momentum intact

Overall Bias: Bullish above 60,500

🔵 SCENARIO 1: BUY ON BREAKOUT ✅ Entry: 61,600 (Daily close above resistance) 🎯 Target 1: 62,200 🎯 Target 2: 63,000 🛑 Stop Loss: 60,900 📈 Probability: Target 1: 68%

Target 2: 55%

Logic: Resistance breakout + strong MACD + RSI above 55 supports bullish continuation.

🔵 SCENARIO 2: BUY ON DIP ✅ Entry: 60,500–60,600 (Support zone) 🎯 Target: 61,500 🛑 Stop Loss: 59,900 📈 Probability: 65%

Logic: Trend is upward; pullback to support offers better risk-reward.

🔴 SCENARIO 3: SELL BELOW BREAKDOWN ✅ Entry: 60,400 (Breakdown below support) 🎯 Target 1: 59,500 🎯 Target 2: 57,600 🛑 Stop Loss: 61,000 📉 Probability: Target 1: 58%

Target 2: 45%

Logic: Breakdown may trigger short covering unwinding and correction toward major support.

📌 Summary Above 60,500 → Bullish

Below 60,400 → Short-term bearish

Major trend remains positive unless 59,500 decisively breaks.