📊 BankNifty-NSE INDEX 6th Janaury 2025 Daily Analysis based on Main Key Levels

Current Market Overview

Daily Current Market Price (DCMP): 49,922

Summary of Key Levels

Resistance Levels (Above DCMP):

🔴 R1: 50,227

🔴 R2: 51,722

🔴 R3: 52,074

Support Levels (Below DCMP):

🟢 S1: 49,656

🟢 S2: 50,580

🟢 S3: 49,656

🔍Swing Levels

Swing High: 51,979

Swing Low: 50,485

Technical Analysis

The current market price of 49,922 positions it just below the first resistance level at 50,227, indicating potential for a downward movement. The support level at 49,656 offers a buying opportunity, suggesting a favorable setup for traders.

💹 Trade Setups

🟢 Intraday Buy Trade Setup

📍 Entry Price: 49,656

🛡️ Stop Loss: 48,580

🎯 Take Profit 1: 50,000

💰 Take Profit 2: 50,580

This trade setup targets the support level, anticipating a price rebound.

🔴 Intraday Sell Trade Setup

📍 Entry Price: 50,227

🛡️ Stop Loss: 51,722

🎯 Take Profit 1: 50,000

💰 Take Profit 2: 49,800

This setup focuses on the resistance level, indicating a potential downward movement.

Additional Technical Insights

Fibonacci Levels: Key Fibonacci retracement levels align closely with support and resistance zones, validating the proposed trade setups.

RSI Divergence: Monitoring RSI can provide insights into overbought or oversold conditions, crucial for optimizing entry and exit points.

MACD Crossing: A MACD crossover may indicate momentum shifts, reinforcing the trade ideas presented.

Conclusion

The analysis of BankNifty reveals critical levels that traders should monitor closely. The outlined trade setups provide structured opportunities based on technical analysis, allowing for informed decision-making. By integrating these insights into your trading strategy, you can navigate the market with enhanced confidence.