Bank Nifty: Key Levels to Watch with Bearish Trendline Setup

Key Observations:
Support Levels:

Strong Support at 49,570.75: This level indicates a significant demand zone where prices may find buyers.
Secondary Support at 49,416.45: A key psychological level that can act as a cushion for further corrections.
Resistance Levels:

Immediate Resistance at 51,979.30: Price rejection around this zone highlights it as a crucial selling point.
Major Resistance at 52,024.70: A breakout above this level could indicate a strong bullish trend.
Trendline Analysis:

The yellow trendline shows a gradual decline, representing a bearish trend in the medium term.
Recent candles suggest indecision, with potential for either a bounce or further breakdown.
Indicators:

RSI (14): Currently at 49.26, indicating neutral momentum. A move below 40 could signal bearish continuation, while crossing 60 could indicate bullish strength.
Trading Strategy:
Buy Zone:

Look for entries near 49,570.75 or 49,416.45 with a stop-loss below 49,000.
Target levels: 50,311.30, 50,899.90, and 51,755.35.
Sell Zone:

Consider shorting near 51,979.30 or 52,024.70 if rejection candles form or RSI shows bearish divergence.
Target levels: 50,609.35, 50,000, and 49,570.75.
Breakout Opportunity:

A strong breakout above 52,024.70 could lead to a rally toward 53,000 or higher. Watch for volume confirmation.