BankNifty-NSE INDEX Daily Analysis Based on Main Key Levels - April 17, 2025

📌 Current Market Price (DCMP): 52,771

Key Price Structure

Resistance (Above Price):

🔴 53,182 - Immediate resistance

🔴 53,346 - Strong resistance

🔴 53,610 - Technical sell zone

Support (Below Price):

🟢 52,531 - Critical support

🟢 52,489 - Next demand zone

🟢 52,224 - Swing low

Swing Levels:

📈 Swing High: 50,641

📉 Swing Low: 47,702

Trade Setup: Intraday Buy

🎯 Entry: 52,531 (Key support)

⛔ Stop Loss: Below 52,300

💰 Take Profit 1: 52,771

💰 Take Profit 2: 53,182

Technical Confluence:

Bullish RSI divergence forming on 4H chart

61.8% Fibonacci retracement support

MACD histogram showing reducing bearish momentum

Technical Snapshot

📊 Momentum: RSI at 48 (approaching oversold)

📊 Price Action: Testing 52,771 psychological level

📊 Key Range: 52,531-53,182 immediate trading zone

Risk Management Notes

⚠️ Position sizing ≤ 1% of capital per trade

⚠️ Monitor RBI policy announcements for banking sector impact

⚠️ Key support break at 52,224 would invalidate bullish setup