📊 BankNifty-NSE INDEX 17th January 2025 Daily Analysis based on Main Key Levels

BankNifty is trading at a Daily Current Market Price (DCMP) of 48,585. Below is a detailed analysis highlighting key resistance and support levels, Fibonacci retracement and extension zones, RSI divergence, and MACD crossing. This analysis provides actionable trade setups to capitalize on market movements.

Key Levels Summary

Resistance Levels Above DCMP (48,585):

🔺 Resistance 1: 49,463

🔺 Resistance 2: 50,378

🔺 Resistance 3: 50,943

Support Levels Below DCMP (48,585):

🟢 Support 1: 48,548

🟢 Support 2: 47,983

🟢 Support 3: 47,068

Swing Levels

📊 Swing High: 51,979

📊 Swing Low: 47,898

Intraday Trade Setups

💼 Intraday Buy Trade Setup

🔹 Entry Price: ✨ 48,548

🔹 Stop Loss: ❌ 48,300

🔹 Take Profit 1: 🎯 48,800

🔹 Take Profit 2: 🎯 49,000

📌 Reason for Entry:

The support level at 48,548 is below the DCMP, establishing a strong buying zone. This level aligns with Fibonacci retracement and technical support. RSI divergence indicates oversold conditions, while MACD suggests a potential bullish reversal.

💼 Intraday Sell Trade Setup

🔹 Entry Price: ✨ 49,463

🔹 Stop Loss: ❌ 49,700

🔹 Take Profit 1: 🎯 49,000

🔹 Take Profit 2: 🎯 48,800

📌 Reason for Entry:

The resistance level at 49,463 is above the DCMP, indicating a strong selling zone. This level aligns with Fibonacci extension and technical resistance. RSI shows overbought conditions at this level, and MACD confirms a potential bearish reversal.

Analysis Summary

Fibonacci Levels: The resistance and support zones are derived from Fibonacci retracement and extension levels, highlighting potential reversal zones.

RSI Divergence: RSI signals overbought conditions at resistance levels and oversold conditions at support levels, confirming possible reversals.

MACD Crossing: MACD indicates bullish momentum at support levels and bearish momentum at resistance levels, providing additional confirmation for trade setups.

Conclusion

This analysis provides actionable trade setups and key levels to help traders make informed decisions in the BankNifty market. With the current market price at 48,585, traders can utilize the outlined resistance and support levels, along with technical indicators, to execute trades confidently.