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Bankniftysupportresistance

BankNifty Intraday Support & Resistance Levels for 25.02.2025Monday’s session started with a gap-down of 350 points at 48,628.80. Made day low of 48,281.90, entered the 125m Demand Zone (47,981.35 - 48,319.20), where it found support and rebounded to day high of 48,748.40. It closed at 48,651.95, losing 329 points from the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) stays sideways. Demand/Support Zones Near Demand/Support Zone (125m): 47,981.35 - 48,319.20 (tested) Far Support: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 48,959.15 - 49,058.15 Far Supply/Resistance Zone (30m): 49,288.95 - 49,396.65 Far Supply/Resistance Zone (75m): 49,665.95 - 49,829.40 Far Supply/Resistance Zone (Daily): 49,703.10 - 50,641.75 Outlook BankNifty respected 125m Demand Zone and bounced back but the gap wasn't filled. The 48,900 - 49,000 region will be crucial for further upside momentum. However, with multiple resistance levels ahead and a weak broader trend, a Sell-on-Rise approach remains favorable unless a decisive breakout is seen above 50650.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 20.02.2025Wednesday’s session saw BankNifty opening gap-down, hitting a low of 48,804 before staging a strong rally to 49,509.75. It later dipped to 49,281, but rebounded again to close at 49,570.10, gaining 483 points over the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) is sideways, signaling mixed sentiment. Demand/Support Zones Near Demand/Support Zone (5m): 49,365.45 - 49,404.55 Near Demand/Support Zone (5m): 48,928.10 - 49,038.45 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (75m): 49,665.95 - 49,829.40 Far Supply/Resistance Zone (15m): 49,949.75 - 50,049.10 Far Supply/Resistance Zone (30m): 50,146.10 - 50,248.35 Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested) Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10 Outlook BankNifty is showing strength, holding above key support levels. If it sustains current levels, we may see the rally extend towards 50,000. However, multiple supply zones above 49,800 could create resistance. A breakout above 50,050 may lead to further upside momentum! Disclaimer: "This content is for educational purposes only and reflects personal opinions. It is not investment advice or a recommendation to buy/sell any securities. I am not a SEBI-registered advisor. Please consult a qualified financial professional before making any investment decisions."
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 17.02.2025Friday’s session saw BankNifty opening positive, but it failed to hold gains. After touching a high of 49,592.95, it witnessed a sharp decline to 48,719.75 before recovering slightly. It finally closed at 49,099.45, losing 260 points from the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) is sideways, indicating uncertainty in direction. Demand/Support Zones Near Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (75m): 49,276.10 - 49,592.95 Near Supply/Resistance Zone (30m): 49,665.95 - 49,743.15 Far Supply/Resistance Zone (30m): 50,146.10 - 50,248.35 Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested) Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10 Outlook BankNifty’s failure to sustain gains suggests that sellers remain dominant at higher levels. A break below 48,700 could lead to further weakness toward 48,320 - 47,980 or even 46,000, while a move above 49,750 may bring 50,250 - 51,000 into play.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 12.02.2025Tuesday’s session saw BankNifty opening negative, making a high of 49,949.75 before experiencing a sharp decline to 49,177.40, entering the 125m Demand Zone (48,906.05 - 49,373.45). It closed at 49,403.40, losing 577 points from the previous close. The Weekly Trend (50 SMA) remains Negative, while the Daily Trend (50 SMA) stays sideways, indicating ongoing market uncertainty. Demand/Support Zones Near Demand/Support Zone (125m): 48,906.05 - 49,373.45 (Tested) Far Demand/Support Zone (15m): 48,511.70 - 48,627.95 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 49,949.75 - 50,049.10 Near Supply/Resistance Zone (30m): 50,146.10 - 50,248.35 Far Supply/Resistance Zone (15m): 50,308.70 - 50,462.35 Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested) Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside the Weekly Supply Zone) Outlook BankNifty’s close near 49,400 within the tested demand zone suggests that buyers are attempting to hold this level. A break below 48,900 could invite further downside towards 48,500 - 48,300. On the upside, 49,950 - 50,050 remains the immediate resistance, with a breakout above 50,250 needed for bullish momentum.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 11.02.2025Monday’s session saw BankNifty opening negative, making an initial high of 50,155.65 before slipping to a day low of 49,703.10. Despite a minor recovery, it closed at 49,981, losing 178 points from the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) stays sideways, indicating market uncertainty. Demand/Support Zones Near Demand/Support Zone (125m): 48,906.05 - 49,373.45 Far Demand/Support Zone (15m): 48,511.70 - 48,627.95 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 50,308.70 - 50,462.35 Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested) Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside the Weekly Supply Zone) Outlook BankNifty is struggling to maintain key support levels, with 49,700 acting as an important support today. A break below this level could push prices towards 49,40000 - 48,900. On the upside, 50,300 - 50,500 remains a strong resistance zone. A sustained breakout above 50,500 could trigger further upside, while failing to hold above 49,700 may bring increased selling pressure.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 10.02.2025Friday’s session was highly volatile, with BankNifty opening positive and hitting a high of 50,641.75 before a sharp drop to 50,042.30. It rallied again to 50,462.35, but selling pressure pushed it to a day low of 49,871.15, entering the 15-minute Demand Zone. A slight recovery followed, and BankNifty closed at 50,158.85, losing 223 points over the previous close. The Weekly Trend (50 SMA) remains Negative, while the Daily Trend (50 SMA) is sideways. Demand/Support Zones Near Demand/Support Zone (125m): 48,906.05 - 49,373.45 Far Demand/Support Zone (15m): 48,511.70 - 48,627.95 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 50,308.70 - 50,462.35 Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested) Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside Weekly Supply Zone) Outlook BankNifty continues to struggle near 50,500, facing resistance in the 15-minute zone. The weekly supply zone at 50,485 - 51,980 remains a crucial hurdle. On the downside, 49,900 - 49,800 is a key support area. A break above 50,500 could lead to further upside, while a failure to hold 49,800 may push it lower.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 07.02.2025Thursday’s session saw BankNifty opening with a gap-up, reaching a high of 50,553.35, touching the Weekly Resistance Zone, before pulling back to a low of 50,149.80. It later recovered and closed at 50,382.10, gaining 39 points over the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) is sideways. Demand/Support Zones Near Demand/Support Zone (15m): 49,888.35 - 49,977.05 Near Demand/Support Zone (125m): 48,906.05 - 49,373.45 Far Demand/Support Zone (15m): 48,511.70 - 48,627.95 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 (Tested) Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside Weekly Supply Zone) Outlook BankNifty broke above the Daily Supply Zone but faced resistance at the Weekly Supply Zone, indicating potential selling pressure in the coming sessions. A decisive move above 50,900 - 51,150 could indicate further upside, while failure to hold above 49,800 may lead to weakness.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 05.02.2025Tuesday’s session saw a strong rally in BankNifty, opening with a 328-point gap-up at 49,538.80, dipping slightly to a low of 49,482.50, and then surging to a high of 50,206.60. It closed at 50,157.95, gaining 947 points over the previous close. The Weekly Trend (50 SMA) remains Negative, while the Daily Trend (50 SMA) is sideways. Demand/Support Zones Near Demand/Support Zone (15m): 49,888.35 - 49,977.05 Far Demand/Support Zone (15m): 48,511.70 - 48,627.95 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low of 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (Tested multiple times, current price inside the zone) Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside the weekly supply zone) Outlook BankNifty’s strong recovery brought it inside the Daily Supply Zone, but it still needs to sustain above 50,450 for further upside. The Weekly Trend remains negative, so watch for reactions at key resistance zones. If the momentum continues, the next major hurdle is at Weekly Supply Zone.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 03.02.2025Saturday’s special trading session saw BankNifty opening flat, rallying to a day high of 50,009.50, and then witnessing a sharp drop to 48,925.45. It later recovered slightly and closed at 49,506.95, losing 80 points from the previous close. The Weekly Trend (50 SMA) remains Negative, while the Daily Trend (50 SMA) is sideways, indicating a cautious market. Demand/Support Zones Near Demand/Support Zone (15m): 48,511.70 - 48,627.95 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low from 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (Tested multiple times, current price inside the zone) Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside the Weekly Supply Zone) Outlook With BankNifty trading within a key resistance zone, a breakout above 50,447 could lead to further upside, while a failure to sustain may result in a retest of lower support zones. The broader trend remains weak, so stay cautious.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Support & Resistance Levels for Budget Day 01.02.2025Friday’s session was marked by strong volatility, with BankNifty opening negative and making a day low of 49,031.80 before rallying to 49,674.80. It then dropped to 49,302, only to surge again, closing at 49,587.20, gaining 275 points over the previous close. The Weekly Trend (50 SMA) remains negative, while the Daily Trend (50 SMA) has turned sideways, indicating potential consolidation. Demand/Support Zones Near Demand/Support Zone (15m): 49,031.80 - 49,167.90 Near Demand/Support Zone (15m): 48,511.70 - 48,627.95 Far Demand/Support Zone (125m): 47,981.35 - 48,319.20 Far Support Level: 46,077.85 (Low from 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (Tested multiple times, current price inside this zone) Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (Inside the Daily Supply Zone) Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside the Weekly Supply Zone) Outlook With the Union Budget 2025 set to be presented in Parliament, expect high volatility in Saturday’s special trading session (1st February). For intraday trading, focus on higher time frame zones (75m, Daily, Weekly) instead of lower time frames (30m, 15m, 5m) for better clarity and precision.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 31.01.2025Thursday’s session was marked by high volatility, with BankNifty opening flat and making a low of 49,031.80. It then rallied to 49,360.65, dropped again to 49,114.05, and rebounded to a day high of 49,426.20 in the final trading hour, entering the multiple-time-tested Daily Supply Zone. The index closed at 49,311.95, gaining 146 points over the previous close. The Weekly Trend (50 SMA) remains Negative, while the Daily Trend (50 SMA) is Negative to Sideways, signaling potential uncertainty ahead. Demand/Support Zones Near Demand/Support Zone (15m): 48,511.70 - 48,627.95 Near Demand/Support Zone (30m): 47,981.35 - 48,195.40 Near Support Level: 46,077.85 (Low from 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (Tested multiple times) Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (Inside the Daily Supply Zone) Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (Inside the Weekly Supply Zone) Outlook BankNifty is hovering near a strong supply zone, and a breakout above 49,500 could lead to further upside towards 50,000+ levels. However, failure to sustain at current levels may bring support zones into play.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 30.01.2025On Wednesday, BankNifty opened with a gap-up, showing initial strength. It made a low of 48,849.80, attempted a rally to 49,165.75, but retraced back to 48,859.70 before recovering again to hit the day's high at 49,199.65. Eventually, it closed at 49,165.95, gaining 299 points over the previous close. The Weekly Trend (50 SMA) and the Daily Trend (50 SMA) remains Negative, indicating overall weakness despite short-term recovery. Demand/Support Zones Near Demand/Support Zone (15m): 48,511.70 - 48,627.95 Near Demand/Support Zone (30m): 47,981.35 - 48,195.40 Near Support Level: 46,077.85 (Low from 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested multiple times) Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (inside the Daily supply zone) Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (inside the weekly supply zone) Outlook BankNifty is trading close to a strong supply zone (49,230 - 50,447), making this a crucial resistance level. Failure to break above this zone could lead to another downward move toward 48,000 or lower. However, a decisive breakout above 50,000 could trigger further upside. With Budget 2025 around the corner, expect heightened volatility in the coming sessions.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 29.01.2025On Tuesday, BankNifty opened with a gap-up, signaling strong buying interest. It made a low of 48,449.05 before rallying to a high of 49,247.15. However, in the final trading hour, it gave up some gains, closing at 48,866.85, marking an impressive gain of 802 points over the previous close. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) remain Negative, reflecting underlying bearishness. Demand/Support Zones Near Demand/Support Zone (15m): 48,511.70 - 48,627.95 Near Demand/Support Zone (30m): 47,981.35 - 48,195.40 Near Support Level: 46,077.85 (low from 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (tested multiple times) Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (inside the Daily supply zone) Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (inside the Weekly supply zone) Outlook BankNifty's strong rally above 49,200 suggests potential for recovery, but the inability to sustain gains highlights persistent selling pressure near critical resistance levels. The 48,000 - 48,500 zone is a key support area, while resistance near 49,800 - 50,500 could limit upside moves. With the Budget 2025 around the corner, expect heightened volatility in the sessions ahead.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 28.01.2025On Monday, BankNifty opened with a massive gap-down of 486 points, reflecting strong bearish sentiment. It initially dropped to a day low of 47,844.15, staged a recovery to hit a high of 48,319.20, but eventually lost momentum again to close at 48,064.65, down by 303 points from the previous close. The Weekly Trend (50 SMA) has now turned Negative, in line with the already Negative Daily Trend (50 SMA). Demand/Support Zones Near Support Zone: 46,077.85 (low from 4th June 2024) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (Daily): 49,230.15 - 50,447.60 (Tested multiple times) Near Supply/Resistance Zone (75m): 49,787.70 - 49,979.05 (within the Daily Supply Zone) Far Supply/Resistance Zone (Weekly): 50,485.05 - 51,979.75 Far Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 (within the Weekly Supply Zone) Outlook After briefly breaking below the 48,000 mark (last seen on 13th January), BankNifty managed to reclaim this level by the session's close. With the Weekly Trend turning negative, INDIAVIX surging by 8%, and a major event, Budget 2025 on the horizon, heightened volatility is expected in the coming sessions.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 09.01.2025On Wednesday, BankNifty opened flat, touched a high of 50,246.90, and then slid to a low of 49,389.75. However, it recovered from the lows and closed at 49,835.05, losing 367 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) stays negative, indicating continued bearish pressure. Demand/Support Zones Near Support Level: 49,282.64 (61.8% FIBO retracement) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 50,043.35 - 50,246.90 Near Supply/Resistance Zone (15m): 50,618.95 - 50,813.55 Far Supply/Resistance Zone (125m): 51,082.80 - 51,671.60 Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10 Outlook BankNifty exhibited mixed momentum with a recovery from the day’s low, but the overall trend remains under pressure. A break below 49,282 could trigger further bearish action, while the resistance zone at 50,043 must be cleared to hint at any recovery.
NSE:BANKNIFTY
by PriteshPalan
1
BankNifty Intraday Support & Resistance Levels for 08.01.2025On Tuesday, BankNifty opened with a gap-up and traded within a range, making a low of 49,969.30 and a high of 50,447.60. It closed at 50,202.15, gaining 280 points over the previous close. While the Weekly Trend (50 SMA) remains sideways, the Daily Trend (50 SMA) continues to show negativity. Demand/Support Zones Near Support Level: 49,282.64 (61.8% FIBO retracement) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 50,618.95 - 50,813.55 Near Supply/Resistance Zone (75m): 50,904.35 - 51,088.90 Far Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 52,264.55 - 53,775.10 Outlook BankNifty managed to close above 50,000, showing some recovery. A breakout above 51,100 could indicate further upside, while a dip below 49,282 might bring bears back into control.
NSE:BANKNIFTY
by PriteshPalan
BANKNIFTY : Levels, prediction and Plan for 19-Dec-2024Intro: Previous Day's Plan vs Actual In yesterday's trading plan, BankNifty tested the Wave C Support Zone near 51,903 - 52,068 as highlighted in yesterday's trading plan, showing indecision within the sideways range (Yellow Trend). As expected, the index respected the completion zone for Wave C and stayed above the support area for most of the session. However, no clear breakout or breakdown occurred. Now, for 19-Dec-2024, we will plan for three potential opening scenarios: Gap Up, Flat, and Gap Down, considering a gap opening of 200+ points. The key levels and actionable strategies are explained below. Trading Scenarios for 19-Dec-2024 Gap Up Opening (200+ points): If Bank Nifty opens above the Resistance for Sideways Trade at 52,647, it indicates bullish sentiment. - Monitor the first 30 minutes for a sustained breakout above this level. If the price holds above 52,647, the next target will be the Last Intraday Resistance at 53,039. - However, failure to sustain above 52,647 may lead to a retracement back to the Opening Resistance at 52,381. - Action Plan: - Initiate long positions only if an hourly candle closes above **52,647**, with targets at **53,039**. - If price fails to sustain and shows weakness, wait for retracement back to **52,381** for possible re-entry opportunities. Flat Opening: If Bank Nifty opens near the Opening Resistance at 52,381, it signals indecision, and price may move sideways (Yellow Trend) before providing direction. - A breakout above 52,381 can trigger a move toward the Resistance for Sideways Trade (52,647), while a breakdown below 52,205 (previous close) could drag prices back toward the Wave C Completion Zone at 52,068 - 51,903. - Action Plan: - Avoid trading immediately after the open. Let price break above **52,381** for bullish trades, targeting **52,647**. - A breakdown below **52,205** could signal short opportunities with targets at **52,068** and **51,903**. - Manage risk by placing stops based on an hourly candle close above/below these levels. Gap Down Opening (200+ points): If Bank Nifty opens near or below the Wave C Completion Zone (52,068 - 51,903), it signals bearish momentum. - Look for signs of support formation in this zone, as prices could take a reversal from here (Green Trend). - Failure to hold 51,903 could lead to further downside towards the critical support at 51,418 (red trend). - Action Plan: - Look for long opportunities if Bank Nifty holds above **51,903** with confirmation (hourly close), targeting a bounce back to **52,205** and then **52,381**. - If price decisively breaks below **51,903**, consider short trades toward **51,418**, with a strict stop loss above **52,068**. Risk Management Tips for Options Traders : Use spreads like Bull Call Spreads for bullish moves or Bear Put Spreads for downside moves to limit risks in volatile openings. Avoid trading during the first 15-30 minutes if opening is erratic or near key levels like the Wave C zone. Let the price stabilize. Always place stop losses on an hourly candle close basis for better risk management. Avoid over-leveraging; focus on maintaining a favorable risk-reward ratio (minimum 1:2). Summary and Conclusion: Bank Nifty remains at a crucial juncture near the Wave C Completion Zone. Key Levels to Watch: Upside: 52,381, 52,647, 53,039 Downside: 52,205, 52,068, 51,903, and 51,418 Yellow Trend reflects sideways price action, Green Trend signals bullish reversals, and Red Trend highlights bearish continuation. Focus on price action near key levels, and avoid trading in uncertain zones. Disclaimer: I am not a SEBI-registered analyst. This trading plan is for educational purposes only. Traders should conduct their analysis or consult a financial advisor before making decisions.
NSE:BANKNIFTY
by LiveTradingBox
BankNifty Intraday Support & Resistance Levels for 17.12.2024On Monday, BankNifty opened negative, made a high of 53738.90, and fell to a low of 53335 during the session. It closed almost flat at 53581.35, losing just 2 points over the previous close. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) remain positive. Demand/Support Zones Near Demand/Support Zone (75m): 52264.55 - 52665.15 Far Demand/Support Zone (Daily): 51693.95 - 52197.25 Far Demand/Support Zone (125m): 51693.95 - 51906.90 Supply/Resistance Zones Near Supply/Resistance Zone (Weekly): 53741.40 - 54467.35 (tested)
NSE:BANKNIFTY
by PriteshPalan