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Bank Nifty Support and Resistance Zone (29/01/2024) Bank Nifty Support and Resistance Zone (29/01/2024): #### Support Zone: 1. **Support Level 1:** 44,400 (If the market opens with a gap up, this level may act as support). 2. **Support Level 2:** 45,000 (Another potential support level if the market opens with a gap up). #### Resistance Zone: 1. **Resistance Level 1:** 45,432 2. **Resistance Level 2:** 46,000 - 46,000 is a significant resistance level in Bank Nifty. Exercise caution as it might act as a strong barrier for further upside movement. #### No Trading Zone: - **No Trading Zone:** 45,400 to 46,000 - This range is considered a no-trading zone, indicating potential uncertainty. It's recommended to avoid trading within this range. ### Technical Analysis Insights: - **Support Zones:** 44,400 and 45,000 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement. - **Resistance Zones:** 45,432 and 46,000 are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements. - **No Trading Zone:** Avoid trading in the range between 45,400 and 46,000 due to potential uncertainty. - **Trade Cautiously:** Given the significant resistance at 46,000, it's advisable to trade cautiously and follow price action for clearer market direction.
NSE:BANKNIFTYLong
by santubittu
2
Bank nifty chart studyBank nifty monthly time frame Ascending wedge pattern formation index is almost at resistance zone, still can keep buffer of 500-700 points on higher side if wedge pattern is followed index might give good reversal going ahead. in between of wedge if observed index have retraced 3 times approx retracement are around 9%-12% and 22% on lighter note if we consider that this time retracement will be around 9-12% than fall of 4500-6000 points is possible as per past performance of index. i have total right to go wrong
NSE:BANKNIFTY
by RUDRA007
1
Bank Nifty Support and Resistance Levels (17/01/2024)Bank Nifty Support and Resistance Levels (17/01/2024) #### Support Levels: 1. **Support Level 1:** 48,000 2. **Support Level 2:** 47,800 - If the market breaks below 48,000, it could signal potential downside movement. #### Upside Resistance Levels: 1. **Resistance Level 1:** 48,213 - Waiting for sustained movement above 48,200 could signal a potential upside move. 2. **Resistance Level 2:** 48,300 3. **Resistance Level 3:** 48,400 - These levels represent potential barriers for upward movement. ### Technical Analysis Insights: - **Support Zones:** 48,000 and 47,800 are crucial areas where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement. - **Resistance Zones:** 48,213, 48,300, and 48,400 are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements. - **Breakdown Caution:** Trading below 48,000 might signify increased bearish sentiment and could lead to further downside movement. - **Upside Breakout Confirmation:** Waiting for sustained movement above 48,200 could indicate a potential move towards higher resistance levels, but confirmation is essential.
NSE:BANKNIFTYLong
by santubittu
Bank Nifty Support and Resistance Levels (10/01/2024)Bank Nifty Support and Resistance Levels (10/01/2024): #### Support Levels: 1. **Support Level 1:** 47,230 2. **Support Level 2:** 47,000 3. **Support Level 3:** 46,736 - If the market breaks below 47,000, it could signal a potential further decline in Bank Nifty. #### Upside Resistance Levels: 1. **Resistance Level 1:** 47,478 2. **Resistance Level 2:** 47,631 3. **Resistance Level 3:** 47,800 - These levels are seen as resistance points for potential upward movement. ### Technical Analysis Insights: - **Support Zones:** 47,230, 47,000, and 46,736 are crucial areas where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement. - **Resistance Zones:** 47,478, 47,631, and 47,800 are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements. - **Significant Breakout:** A sustained breakout above 47,800 could indicate a potential bullish move or a shift in sentiment toward more significant buying. - **Caution on Breakdown:** Breaking below 47,000 might signify increased bearish sentiment and possibly lead to further downside movement..
NSE:BANKNIFTYLong
by santubittu
Bank Nifty Support and Resistance Levels (09/01/2024)### Bank Nifty Support and Resistance Levels (09/01/2024): #### Support Levels: 1. **Support Level 1 (Gap-up Open):** 47,200 - If the market opens with a gap-up, 47,200 could act as initial support. 2. **Support Level 2 (Big Support):** 47,000 - 47,000 is considered a significant support level for Bank Nifty. 3. **Support Level 3:** 47,400 - This level might provide support if the market opens above it. #### Upside Resistance Levels: 1. **Resistance Level 1 (Below 47,643):** 47,643 - If the market opens below this level, 47,643 could act as initial resistance. 2. **Resistance Level 2 (Big Gap-up or Gap-down):** 47,785 to 47,800 - In case of a big gap-up or gap-down, these levels might function as resistance. ### Technical Analysis Insights: - **Support Zones:** 47,200 (gap-up open), 47,000, and 47,400 are critical areas where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement. - **Resistance Zones:** 47,643 (below this level) and 47,785 to 47,800 (in case of big gap movement) are anticipated to be key levels where selling pressure might intensify, limiting immediate upward movements. - **Market Opening Impact:** If the market opens flat or with a small gap, the support and resistance levels mentioned earlier might not hold, and other levels could come into play based on the actual opening price movement.
NSE:BANKNIFTYLong
by santubittu
Bank Nifty Support and Resistance Levels 21Dec23 Bank Nifty Support and Resistance Levels For Dec 21/12/23 **Support Levels:** 1. 47200 2. 46950 3. 46736 **Resistance Levels:** - If the market opens gapdown, then 47200 is identified as initial support. - Additional resistance levels are mentioned at 47400 and 47600. **Analysis:** - The support levels at 47200, 46950, and 46736 are critical for monitoring potential downside movements in Bank Nifty. - If the market opens gapdown, 47200 is noted as an initial support level. - Resistance levels are identified at 47400 and 47600, indicating potential hurdles for an upside move. **Important Considerations:** - Stay informed about relevant news, economic indicators, and global events that might impact the financial markets. - Ensure a well-defined trading strategy and use risk management tools to manage potential losses. - Regularly monitor price action and technical indicators for insights into market dynamics.
NSE:BANKNIFTY
by santubittu
Bank nifty case studyBank nifty spot cmp 45344 weekly time frame wolf wave + pre assumed harmonic formation Bearish wolf wave formation Index have just touched the resistance line of ascending wedge formation. may be can still give bit higher move of 300-400 points. may be can reverse from current levels it self, bearish divergence on rsi and macd with respect to price. Pre assumption of cypher pattern formation on weekly time frame. Leg c have extended around 1.10% of Leg AB, so as per harmonic can still it extend to levels of 1.13%, but once reversal confirms, the fall will be brutal and unexpected.. Caution ahead for bulls,, Note i am personally short from 18600 levels and might add short at current levels on nifty.. this is not trade recommendation, take it as understanding
NSE:BANKNIFTY
by RUDRA007