BankNifty-NSE INDEX 17th March 2025 Daily Analysis Based on Main Key Levels

Daily Current Market Price (DCMP): 48,354

📊 Critical Price Zones

Resistance (Above DCMP):

🔴 R1: 48,463 | 🎯 R2: 48,674 | 🚨 R3: 49,017

Support (Below DCMP):

🟢 S1: 48,009 | 🎯 S2: 47,793 | 🚨 S3: 47,778

Swing Levels:

🚩 Swing High: 50,641 (Daily/4H) | 🚩 Swing Low: 47,841 (Daily/4H)

📉 Technical Landscape

Price Action Context:

BankNifty consolidates near 48,354, sandwiched between resistance at 48,463 and support at 48,009.

Fib Retracement: The 61.8% retracement level from Swing Low (47,841) aligns with 48,120, while the 38.2% extension marks 48,463 as resistance.

Momentum Signals:

RSI: Neutral at 53, but bearish divergence observed on 4H charts.

MACD: Histogram below zero with a recent bearish crossover.

💡 Intraday Trade Setups

Trade Idea 1: Intraday Buy

📍 Entry: 48,120 (Key Support & Fib 61.8% confluence)

🛑 Stop Loss: 47,778 (Below S3)

🎯 TP1: 48,354 (DCMP) | 🚀 TP2: 48,463 (R1)

Rationale: Strong demand zone at 48,120 with bullish engulfing patterns on lower timeframes.

Trade Idea 2: Intraday Sell

📍 Entry: 48,463 (Resistance & Fib 38.2% zone)

🛑 Stop Loss: 48,674 (Above R2)

🎯 TP1: 48,009 (S1) | 🚀 TP2: 47,793 (S2)

Rationale: Overhead supply likely at 48,463 amid weakening volume and bearish MACD momentum.

🔑 Strategic Outlook

BankNifty faces a critical test between 48,120–48,463. A decisive break above 48,463 could target 48,674, while failure to hold 48,120 may trigger a drop toward 47,778. Monitor 4H closes for directional confirmation.

Risk Note: Tight stops recommended due to elevated volatility in banking stocks.