Technical Analysis and Trading Plan for Nifty Bank Index
Nifty Bank Index (5-minute Chart)
Current Price: ₹49,519.50
Trend Analysis:
Resistance Levels: The index is approaching a resistance zone around ₹49,800 to ₹49,900.
Support Levels: A strong support zone appears between ₹49,400 and ₹49,000.
The recent price action suggests the formation of a potential bullish pattern as it attempts to bounce from the support zone.
Volume: Monitor the volume during breakouts; high volume could confirm strength.
Indicators: Look for indicators such as RSI to confirm overbought or oversold conditions.
Trading Plan for Nifty Bank Index:
Buy Entry: Above ₹49,800 with a confirmation candle.
Target Price: ₹50,100 and then ₹50,300 on upward momentum.
Stop Loss: Below the support level at ₹49,400.
Current Price: ₹49,519.50
Trend Analysis:
Resistance Levels: The index is approaching a resistance zone around ₹49,800 to ₹49,900.
Support Levels: A strong support zone appears between ₹49,400 and ₹49,000.
The recent price action suggests the formation of a potential bullish pattern as it attempts to bounce from the support zone.
Volume: Monitor the volume during breakouts; high volume could confirm strength.
Indicators: Look for indicators such as RSI to confirm overbought or oversold conditions.
Trading Plan for Nifty Bank Index:
Buy Entry: Above ₹49,800 with a confirmation candle.
Target Price: ₹50,100 and then ₹50,300 on upward momentum.
Stop Loss: Below the support level at ₹49,400.
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.
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.