Bank Nifty index Support & Resistance Support Levels:
Support levels are price points where the Bank Nifty index tends to find buying interest. These are levels where the index has historically reversed or slowed down its decline.
Recent Swing Lows: Look for the recent lowest points on the chart where the price has bounced back.
Fibonacci Retracement Levels: Fibonacci levels (23.6%, 38.2%, 50%, 61.8%) are often used to identify potential support zones.
Moving Averages: Key moving averages like the 50-day, 100-day, or 200-day moving average can act as dynamic support levels.
2. Resistance Levels:
Resistance levels are price points where selling pressure tends to emerge, preventing the price from rising further.
Recent Swing Highs: Look for points where the index has faced difficulty breaking through or has reversed from the upside.
Fibonacci Retracement Levels: Similarly, Fibonacci levels can also help identify potential resistance areas.
Psychological Levels: Round numbers or large milestones in the Bank Nifty's price (like 40,000, 45,000, etc.) often act as resistance.
Trendlines: A downward-sloping trendline can act as resistance, especially if it intersects with recent highs.
