Nifty Bank Index Analysis (30-Minute Chart)
Key Observations:
1.Fibonacci Retracement Levels:
2.Moving Averages (MA):
3.Support and Resistance Levels:
4.Trendline Channels:
3.Volume Analysis:
1.Fibonacci Retracement Levels:
- The chart shows a clear downtrend from around 54,497 to the recent low near 50,279.
- Key retracement levels include:
- 23.6% Retracement: Around 53,497, indicating minor resistance.
- 38.2% Retracement: Near 52,882, a level that has acted as resistance multiple times.
- 50% Retracement: Around 52,385, which has been retested recently.
- 78.6% Retracement is seen at 51,180.8, a key level of support.
2.Moving Averages (MA):
- The 30-minute chart shows price movement interacting with multiple MAs.
- The 200-period MA is an essential indicator of trend direction and resistance/support.
- Shorter MAs like the 20 and 50 periods can highlight entry points during trend reversals.
3.Support and Resistance Levels:
- Resistance: 52,389.90 and 53,497.15. Breaking these could signal bullish momentum.
- Support: 51,195.90 and a lower support at 50,279.50, which marks the recent low.
4.Trendline Channels:
- The index is moving within a channel, with an upward support trendline. The price respecting these levels might suggest range-bound movement with breakout potential.
3.Volume Analysis:
- Recent volume spikes align with price testing key resistance levels, hinting at possible rejection or continuation if volume sustains.
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