BankNifty-NSE INDEX 29th January 2025 Daily Analysis Based on Main Key Levels

Daily Current Market Price (DCMP): 49,094

Below DCMP: Support Levels

Above DCMP: Resistance Levels

Key Levels Summary

Resistance Levels (Above DCMP): 49,299, 49,671, 50,274

Support Levels (Below DCMP): 48,095, 47,723, 47,120

Swing High: 49,650

Swing Low: 48,074

Technical Analysis Overview

Pivot Levels: 48,697 (Daily), 48,854 (Weekly)

Fibonacci Levels: Key retracement and extension levels align with support and resistance zones.

RSI: Neutral, no significant divergence observed.

MACD: Flat, indicating consolidation in the near term.

Trade Setup 1: Intraday Buy

Entry Price: 🎯 48,095

Stop Loss: 🛑 47,723

Take Profit 1: ✅ 48,697

Take Profit 2: ✅ 49,094

Rationale: Strong support at 48,095 aligns with pivot and Fibonacci levels, offering a low-risk buying opportunity.

Trade Setup 2: Intraday Sell

Entry Price: 🎯 49,299

Stop Loss: 🛑 49,671

Take Profit 1: ✅ 48,854

Take Profit 2: ✅ 48,095

Rationale: Resistance at 49,299, coupled with bearish momentum, provides a high-probability selling opportunity.

Conclusion

BankNifty is currently trading at 49,094, with key resistance at 49,299 and support at 48,095. The market shows consolidation, and traders should focus on the highlighted intraday setups for potential opportunities. Always manage risk with proper stop-loss levels.