"Bank Nifty: Weakening Support at 53,352–53,400 - Bears Gaining"On 9th December, Bank Nifty (BN) began with a bullish move, taking support at 53,352 and climbing approximately 350+ points by 11:15 AM. However, bears took control afterwards, pushing BN back to the same support zone around 53,352–53,400 levels.
Analysis: BN has tested the 53,352 to 53,400 support zone three times between 5th and 9th December. This marks the fourth time it is testing this level, and during the second half of the session, bears gained control. This behavior indicates that the support at these levels is weakening and may not hold strong, especially if there is a bearish push in the morning session. A close look at the 15-minute timeframe suggests that the support is likely to be breached if selling pressure intensifies.
Additionally, On-Balance Volume (OBV) is showing weaker volume support on the upside. Even though the price action on the chart appears slightly bullish, the OBV indicator highlights a divergence, with declining volume during upward moves (marked with a blue circle). This confirms that the bullish momentum lacks sufficient volume backing.
While it appears that BN may be vulnerable to a potential decline, the situation could change with a gap-up or gap-down opening, which could shift the market sentiment.
Support Levels: 52,950, 52,670
Resistance Levels: 53,700, 53,900, 54,200
