The Bank Nifty index, as of May 6, 2025, shows a bearish bias in its intraday performance, with key technical levels and indicators suggesting cautious trading. Here's a detailed technical analysis based on available data:
#Current Price and Trend
Closing Price (May 2, 2025): 55,115.35, up 28.20 points (+0.05%)
Current Price (May 6, 2025): Around 54,550, down 0.7% from the opening at 54,918
Trend: Neutral with a bearish bias. The index has declined from its opening, forming weak candles on the daily chart, indicating hesitation and potential profit booking near resistance zones.
#Key Support and Resistance Levels
Support:
Immediate support at 53,500 (spot). This zone is critical, as a breach could lead to further downside toward 52,600 or 52,450.
Resistance - 54,400 to 54,500 it can retest and then for the further downside.
#Current Price and Trend
Closing Price (May 2, 2025): 55,115.35, up 28.20 points (+0.05%)
Current Price (May 6, 2025): Around 54,550, down 0.7% from the opening at 54,918
Trend: Neutral with a bearish bias. The index has declined from its opening, forming weak candles on the daily chart, indicating hesitation and potential profit booking near resistance zones.
#Key Support and Resistance Levels
Support:
Immediate support at 53,500 (spot). This zone is critical, as a breach could lead to further downside toward 52,600 or 52,450.
Resistance - 54,400 to 54,500 it can retest and then for the further downside.
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renderwithme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.