📊 BankNifty-NSE INDEX 9th January 2025 Daily Analysis Based on Main Key Levels

In the dynamic world of trading, a thorough analysis of key levels is essential for making informed decisions. This analysis focuses on BankNifty, highlighting resistance and support levels, trade setups, and relevant technical indicators.

📊 Current Market Overview

Daily Current Market Price (DCMP): 49,357

🔍 Summary of Key Levels

Resistance Levels (above DCMP):

🔴 Resistance 1: 49,656

🔴 Resistance 2: 52,074

🔴 Resistance 3: 52,645

Support Levels (below DCMP):

🟢 Support 1: 50,580

🟢 Support 2: 50,227

🟢 Support 3: 49,656

🔍Swing Levels

Swing High: 51,979

Swing Low: 50,609

Technical Analysis

The current market price at 49,357 is situated between significant resistance and support levels. Key levels above the DCMP serve as resistance, while those below act as support. Utilizing Fibonacci retracement and extension levels can help identify potential reversal points.

Daily Support and Resistance Levels

Resistance Levels: 49,656, 52,074, 52,645

Support Levels: 50,580, 50,227, 49,656

💹 Trade Setups

🟢 Intraday Buy Trade Setup

Currently, no specific values for Intraday Buy trades are available.

🔴 Intraday Sell Trade Setup

📍 Entry Price: 49,656

🛡️ Stop Loss: 50,000

🎯 Take Profit 1: 51,722

💰 Take Profit 2: 52,074

This setup focuses on the resistance level at 49,656, suggesting a potential downward movement.

Additional Technical Insights

Fibonacci Levels: Key Fibonacci retracement and extension levels align closely with resistance and support zones, providing additional validation for trade setups.

RSI Divergence: Monitoring RSI divergence is essential for identifying overbought or oversold conditions, aiding in timing entries and exits.

MACD Crossing: A MACD crossover could signal potential momentum shifts, reinforcing the trade ideas presented.

Conclusion

Understanding key levels and market structure is vital for effective trading in BankNifty. The outlined trade setups provide structured opportunities based on technical analysis, empowering traders to make informed decisions. By integrating these insights into your trading strategy, you can navigate the market with confidence.