BankNifty-NSE INDEX Daily Analysis Based on Main Key Levels – 28 April 2025

Daily Current Market Price (DCMP): 55,359 💹

• Swing High (Daily/4H): 50,641 🚀 | Swing Low (Daily/4H): 47,702 🛡️

Critical Price Zones

Resistance (Above DCMP)

• R1: 55,178 🚩 | R2: 55,445 🚩 | R3: 55,904 🚩

Support (Below DCMP)

• S1: 54,281 🛡️ | S2: 53,556 🛡️ | S3: 53,057 🛡️

Technical Landscape

• Fibonacci Confluence: Strong support cluster at 53,556–54,281 (61.8% retracement zone from March swing low).

• RSI (14): Neutral at 49.8, showing indecision between bulls/bears.

• MACD: Bearish crossover developing on 4H chart near zero line.

Intraday Trade Setups

🔵 Trade Idea: Buy at Weekly Pivot Support

• Entry: 54,974 📌 (confluence of Fib 38.2% & pivot)

• Stop Loss: 53,791 🔴 (below S3)

• Take Profit 1: 55,445 🟢 (R2 resistance)

• Take Profit 2: 55,904 💹 (R3 swing high)

Rationale: Price rebounds from multi-session support with bullish hammer candlestick formation. Upside aligns with liquidity above 55,000.

🔴 Trade Idea: Sell at Weekly Pivot Resistance

• Entry: 55,714 📌 (rejection at swing high)

• Stop Loss: 56,902 🔴 (above R3)

• Take Profit 1: 54,730 🟢 (daily pivot)

• Take Profit 2: 53,556 🛡️ (Fib stronghold)

Rationale: Price struggles at 55,714 resistance with bearish divergence on hourly charts. Downside targets align with institutional buying zones.

Market Outlook

BankNifty consolidates near 55,359 with three decisive scenarios:

1. Bullish Breakout: Sustained close above 55,904 opens path to 56,902 resistance.

2. Bearish Reversal: Breakdown below 53,057 risks test of 52,000 psychological support.

3. Range Continuation: Choppy trading between 54,281–55,445 likely ahead of RBI policy cues.

⚡ Key Catalyst: Nifty Bank earnings reports this week may drive sector-specific volatility.