Key Data (as of early afternoon):
Current Price: ~57,080
Opening Price: 57,316
Day’s High: 57,316
Day’s Low: 56,851
Previous Close: 57,210
Net Change: –128 points (around –0.22%)
Intraday Price Action Summary
Bearish Start: Opened near the high and immediately faced selling pressure, especially in major private banks.
Dip to Support: Price dropped to 56,851, testing key intraday support.
Mild Recovery Attempt: Found some buying interest near the support but still trading below the day’s open.
📊 Technical Levels – 1D View
Level Type Value (Approximate)
Resistance 1 57,300
Resistance 2 57,600
Support 1 56,850
Support 2 56,500
Trend Bias Neutral to Bearish
RSI Level (Est.) 48–50 (sideways zone)
A break above 57,300 could resume bullish momentum.
A fall below 56,800 may extend the decline toward 56,500.
Why Bank Nifty Is Weak Today
Profit Booking: After recent gains, traders are squaring off long positions.
IT Sector Drag: Broader market weakness (led by IT) has spilled over into banking.
Global Cues: No strong global signals to support risk-on sentiment.
Mixed Bank Performance: While PSU banks like Canara Bank and PNB are showing strength, private banks such as Axis, ICICI, and Kotak are under pressure.
Intraday Trading Strategy
If you’re Bullish:
Look for a breakout above 57,300 for confirmation.
Targets could be 57,600 and 58,000 with a stop below 56,850.
If you’re Bearish:
Wait for a break below 56,800.
Downside targets may be 56,500 and 56,300.
Sideways Play: If the index continues to hold between 56,850–57,300, focus on range-bound scalping or wait for a breakout.
Conclusion
Bank Nifty is trading in a consolidation-to-weak zone today. The index is at a technical crossroads—holding above 56,850 keeps hopes for a bounce alive, while a fall below it could invite fresh selling. Eyes should be on private sector banks and broader market sentiment for the next directional cue.
Current Price: ~57,080
Opening Price: 57,316
Day’s High: 57,316
Day’s Low: 56,851
Previous Close: 57,210
Net Change: –128 points (around –0.22%)
Intraday Price Action Summary
Bearish Start: Opened near the high and immediately faced selling pressure, especially in major private banks.
Dip to Support: Price dropped to 56,851, testing key intraday support.
Mild Recovery Attempt: Found some buying interest near the support but still trading below the day’s open.
📊 Technical Levels – 1D View
Level Type Value (Approximate)
Resistance 1 57,300
Resistance 2 57,600
Support 1 56,850
Support 2 56,500
Trend Bias Neutral to Bearish
RSI Level (Est.) 48–50 (sideways zone)
A break above 57,300 could resume bullish momentum.
A fall below 56,800 may extend the decline toward 56,500.
Why Bank Nifty Is Weak Today
Profit Booking: After recent gains, traders are squaring off long positions.
IT Sector Drag: Broader market weakness (led by IT) has spilled over into banking.
Global Cues: No strong global signals to support risk-on sentiment.
Mixed Bank Performance: While PSU banks like Canara Bank and PNB are showing strength, private banks such as Axis, ICICI, and Kotak are under pressure.
Intraday Trading Strategy
If you’re Bullish:
Look for a breakout above 57,300 for confirmation.
Targets could be 57,600 and 58,000 with a stop below 56,850.
If you’re Bearish:
Wait for a break below 56,800.
Downside targets may be 56,500 and 56,300.
Sideways Play: If the index continues to hold between 56,850–57,300, focus on range-bound scalping or wait for a breakout.
Conclusion
Bank Nifty is trading in a consolidation-to-weak zone today. The index is at a technical crossroads—holding above 56,850 keeps hopes for a bounce alive, while a fall below it could invite fresh selling. Eyes should be on private sector banks and broader market sentiment for the next directional cue.
Hello Guys ..
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Hello Guys ..
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
WhatsApp link- wa.link/d997q0
Email - techncialexpress@gmail.com ...
Script Coder/Trader//Investor from India. Drop a comment or DM if you have any questions! Let’s grow together!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.