📈 BankNifty-NSE INDEX Daily Analysis Based on Main Key Levels - [April 23, 2025]

Daily Current Market Price (DCMP): 55,388

Market Position: Trading above immediate support at 55,092 and below resistance at 56,064

🔑 Critical Technical Levels

Resistance (Above DCMP)

🛑 56,064 - Key sell zone (Fib 1.618 extension)

🛑 56,334 - Macro trendline resistance

Support (Below DCMP)

🟢 55,092 - High-probability buy zone (38.2% Fib retracement)

🟢 55,343 - Liquidity cluster

🟢 54,899 - Multi-session swing low

Swing Levels

↗️ Swing High: 50,641 (Daily timeframe)

↙️ Swing Low: 47,702 (4H timeframe)

💎 Intraday Trade Setups

Buy Opportunity

Entry: 55,092 🎯

Stop Loss: 54,899 🚫

Take Profit 1: 56,064 ✅

Take Profit 2: 56,334 ✅

Rationale:

• Strong confluence of Fibonacci retracement and ascending channel support

• RSI divergence indicating weakening downward momentum

• MACD histogram transitioning toward neutral zone

Sell Opportunity

• Entry: 56,064 🎯

• Stop Loss: 56,334 🚫

• Take Profit 1: 55,092 ✅

• Take Profit 2: 54,899 ✅

Rationale:

• Resistance aligns with bearish order block

• Overbought conditions on stochastic oscillator

• Declining trading volume near key resistance

📊 Technical Landscape

• Fibonacci: 55,092 aligns with 38.2% retracement of 47,702-50,641 swing

• RSI: Neutral at 49.8 (no divergence observed)

• MACD: Signal line compression near zero axis

• Price Action: Ascending wedge pattern below 56,064