📊 BankNifty-NSE INDEX 23rd January 2025 Daily Analysis Based on Main Key Levels

Current Market Overview

The current Daily Current Market Price (DCMP) for BankNifty is 48,589. This analysis focuses on identifying key resistance and support levels, along with actionable trade setups based on technical and fundamental analysis.

Key Levels Summary

Resistance Levels Above DCMP (48,589)

🔺 Resistance 1: 48,632

🔺 Resistance 2: 49,228

🔺 Resistance 3: 49,597

Support Levels Below DCMP (48,589)

🟢 Support 1: 48,036

🟢 Support 2: 47,668

🟢 Support 3: 47,072

Swing Levels

📊 Swing High: 51,979

📊 Swing Low: 48,309

Trade Setups

💼 Intraday Buy Trade Setup

Entry Price: ✨ 48,036

Stop Loss: ❌ 48,000

Take Profit 1: 🎯 48,500

Take Profit 2: 🎯 48,632

Reason for Entry:

The support level at 48,036 is below the DCMP, establishing a strong buying zone. This level aligns with significant technical support, indicating potential for upward movement.

💼 Intraday Sell Trade Setup

Entry Price: ✨ 48,632

Stop Loss: ❌ 48,750

Take Profit 1: 🎯 48,500

Take Profit 2: 🎯 49,228

Reason for Entry:

The resistance level at 48,632 is just above the DCMP, indicating a strong selling zone. This level coincides with key technical resistance, suggesting potential for downward movement.

Analysis Summary

Resistance and Support Levels: Key levels derived from technical analysis indicate potential reversal zones. Resistance levels are identified at 48,632, 49,228, and 49,597, while support levels are at 48,036, 47,668, and 47,072.

Fibonacci Levels: The identified support and resistance zones highlight significant retracement and extension levels, providing potential entry points for trades.

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

MACD Crossing: MACD suggests 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 assist traders in making informed decisions in the BankNifty market. With the current market price at 48,589, traders can utilize the outlined resistance and support levels, along with technical indicators, to execute trades confidently.