#banknify - 25th DECEMBER !!NSE:BANKNIFTY
This chart appears to depict the Nifty Bank Index (Bank Nifty) on a 15-minute time frame with key levels of support and resistance marked. Here's the analysis:
1. Range-bound movement:
The index has been consolidating within a rectangular range (highlighted in red) between approximately 51,200 and 51,477, indicating indecision in the market.
2. Support levels:
Strong support is identified near 51,094 and further below at 50,870.
3. Resistance levels:
Immediate resistance is seen at 51,477, followed by 51,806 and a significant level near 52,159.
Price Movement Summary:
• The price tested lower support levels around 50,870 and rebounded strongly, indicating buyer interest near this zone.
• The current price action suggests consolidation with the possibility of a breakout on either side.
Trading Plan:
1. Bullish Scenario:
A breakout above 51,477 could lead to a rally towards 51,806 or even higher towards 52,159.
Entry: Buy above 51,500 with a stop loss below 51,200.
• Targets: 51,806 and 52,159.
2. Bearish Scenario:
A breakdown below 51,094 could trigger a decline towards 50,870 or further to · 50,556. Entry: Sell below 51,080 with a stop loss above 51,300.
Targets: 50,870 and 50,556.
Summary: The chart indicates a consolidation phase, and the next move depends on whether the index breaks above the resistance at 51,477 or below the support at 51,094. Traders should wait for confirmation before initiating any positions.
Only for educational purposes.
This content is not a recommendation to buy and sell.
Not SEBI REGISTRAR.
