BankNifty-NSE INDEX 3rd February 2025 Daily Analysis Based on Main Key Levels

The Daily Current Market Price (DCMP) for BankNifty stands at 49,167. Below this level, the market finds support, while above it, resistance levels come into play. The analysis is based on key technical levels, including pivots, Fibonacci retracement, and extensions, alongside RSI divergence and MACD crossovers.

Key Levels:

Below DCMP (49,167):

Support 1: 49,120

Support 2: 48,293

Above DCMP (49,167):

Resistance 1: 49,947

Resistance 2: 50,458

Swing High and Low:

Swing High: 49,650

Swing Low: 47,844

Trade Setups:

Intraday Buy Trade:

Entry: 49,120 📈

Stop Loss: Below 48,293 🛑

Take Profit 1: 49,167 (DCMP) 🎯

Take Profit 2: 49,947 (Resistance 1) 🎯

Intraday Sell Trade:

Entry: 49,947 📉

Stop Loss: Above 50,458 🛑

Take Profit 1: 49,167 (DCMP) 🎯

Take Profit 2: 49,120 (Support 1) 🎯

Technical Indicators:

RSI: Neutral, showing no significant divergence.

MACD: Potential crossover signal, indicating a shift in momentum.

Summary:

The BankNifty market is currently trading at 49,167, with immediate support at 49,120 and resistance at 49,947. Traders can consider intraday buy opportunities near support levels and sell opportunities at resistance levels. The swing high and low levels at 49,650 and 47,844, respectively, provide a broader context for market direction.