Bank Nifty Weekly Spot Chart Analysis 22-26 April, 24

📊 Bank Nifty Spot Technical Chart Analysis

🎯 Range Trigger Point: 47574
🎯 Weekly Range: 1676 Point

Trade Cautiously, as it may hit all time high or break the recent all lows.
Stoploss is must in all the cases!

📈 Weekly Levels for 22-26 April, 2024
📉 Buy Above: 47615
📉 Average At: 47417
🎯 Buy Targets: 48610/49251
🛑 Buyer Stoploss: 47056

📉 Sale Below: 47219
🎯 Sale Targets: 46538/45898
🛑 Seller Stoploss: 47778

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Buy Scenario:

Traders eyeing long positions should monitor the market closely for a breach above 47615. Initiating buy positions with an average entry at 47417 may enhance position stability. Targets for buyers are set ambitiously at 48610 and 49251, reflecting potential bullish momentum. To mitigate downside risk, a prudent stop-loss is recommended at 47056.

Sell Scenario:

Alternatively, a decline below 47219 could indicate favorable conditions for short positions. Sellers may target 46538 and 45898 as potential bearish objectives. It's crucial to implement risk management strategies, with a stop-loss placed at 47778 to mitigate potential losses.

As traders navigate the Bank Nifty Spot in the week ahead, a comprehensive understanding of these levels and prudent risk management practices will be essential for capitalizing on potential opportunities while safeguarding against adverse market movements.