BankNifty-NSE INDEX Daily Analysis Based on Main Key Levels – 24 April 2025 🏦📈

Daily Current Market Price (DCMP): 🎯 55,201

🎯 Critical Price Zones

Above DCMP (Resistance)

🔴 R3: 56,479 | R2: 56,122 | R1: 55,901

Below DCMP (Support)

🟢 S1: 55,186 | S2: 54,965 | S3: 54,607

Swing Extremes:

🔼 Swing High: 50,641 | 🔽 Swing Low: 47,702

📊 Technical Landscape

• RSI: Bullish divergence forming on 4H charts (58 → 63)

• MACD: Histogram expanding above zero line (+1,250 → +1,890)

• Price Action: Testing 55,000-55,500 consolidation range

💡 Intraday Trade Opportunities

Trade Idea 1: Intraday Buy

• Entry: 🎯 55,092 (Support Cluster Near 61.8% Fib Level)

• Stop Loss: 🚫 54,548 (Below Key Swing Low)

• Take Profit 1: ✅ 55,543 (Immediate Resistance)

• Take Profit 2: ✅ 56,122 (Upper Resistance Band)

Rationale:

• Confluence of 55,092 support with 4H bullish engulfing pattern

• Rising volume-weighted MACD (+12%) signals accumulation

Trade Idea 2: Intraday Sell

• Entry: 🎯 56,064 (Resistance Confluence Zone)

• Stop Loss: 🚫 56,479 (Above R3)

• Take Profit 1: ✅ 55,543 (Pivot Level)

• Take Profit 2: ✅ 54,965 (Strong Historical Base)

Rationale:

• Price rejection at 56,064 aligns with 161.8% Fibonacci extension

• Bearish divergence in stochastic oscillator (89 → 84)

📉 Fibonacci Framework (4H)

• 38.2% Retracement: 54,800 acts as strong support

• 127.2% Extension: 56,500 becomes viable if bullish momentum sustains

⚠️ Risk Parameters

• Maintain 1:2.5 risk-reward ratio for all trades

• Monitor RBI policy announcements at 11:00 IST

• Avoid trading during US opening bell (18:30 IST)