BankNifty-NSE INDEX Daily Analysis Based on Main Key Levels - April 29, 2025

Daily Current Market Price (DCMP): 💹 55,338

🔍 Key Technical Snapshot

• Swing High: 56,192

• Swing Low: 54,974

• Above DCMP (Resistance): 55,577 (R1), 55,812 (R2), 56,192 (R3)

• Below DCMP (Support): 54,974 (S1), 54,582 (S2), 54,202 (S3)

📊 Trade Setups

1️⃣ Intraday Buy Trade

• Entry: 🎯 54,974 (Strong Support Zone)

• Stop Loss: ⚠️ 54,202 (Support3)

• Take Profit 1: 💰 55,338 (DCMP)

• Take Profit 2: 🚀 55,577

Rationale: Price tests 38.2% Fibonacci retracement (54,974-56,192) with bullish RSI divergence.

2️⃣ Intraday Sell Trade

• Entry: 🎯 55,714 (Key Resistance Cluster)

• Stop Loss: ⚠️ 56,167 (Resistance2)

• Take Profit 1: 💰 55,338

• Take Profit 2: 🚀 54,974

Rationale: Bearish MACD crossover near 55,714-55,812 supply zone.

📉 Technical Indicators

• Fibonacci Levels: 54,974 (Swing Low) to 56,192 (Swing High) retracement active

• RSI: 52 (Neutral with bearish momentum building)

• MACD: Lines converging near zero, potential trend shift

💡 Analyst Insight

BankNifty oscillates between 54,974-55,714 with DCMP (55,338) as pivot. RBI policy risks loom near 55,714 psychological level.