Nifty Bank Index (Bank Nifty) - Daily Time Frame Analysis

13 Sep

Technical Analysis:

1. Overall Trend:

The Bank Nifty is showing signs of consolidation in the recent past, as it has been moving within a range between 51,000 and 53,200. The index recently bounced off its support near 50,800 and is testing resistance at around 52,000.



2. Support and Resistance Levels:

Resistance Levels:

Immediate resistance at 52,000-52,200 (recent swing high).

Strong resistance at 53,000-53,200 (near previous highs).


Support Levels:

Immediate support at 51,600 (yesterday’s low).

Strong support at 50,800-51,000 (previous consolidation area).

Further support near 49,800 if the price breaks below the key levels.




3. Candlestick Patterns (Last 11 Candlesticks):

The past 11 candlesticks suggest indecision and range-bound behavior. There are alternating red and green candles, showing that both buyers and sellers are battling for control. No clear momentum is visible yet for a strong breakout or breakdown.



4. Volume:

Volume levels are slightly lower than the average (volume moving average is around 154 million, and the recent day’s volume is around 151 million). If we see increasing volume with a breakout above resistance or a breakdown below support, it would be a strong confirmation.




Intraday Support and Resistance Calculation Using Last 11 Candlesticks:

1. Pivot Points:

Pivot (P): 51,538

Resistance (R1): 52,039

Support (S1): 51,040

Resistance (R2): 52,340

Support (S2): 50,739



2. Fibonacci Levels (Recent High-Low):

Fibonacci Resistance (61.8%): 52,200

Fibonacci Support (38.2%): 51,250
💡 Day Trading Strategy:

If Bank Nifty breaks above 52,200 with strong volume, consider long positions with a target of 52,800-53,000.

If it breaks below 51,040, short positions can be considered with a target of 50,800-50,500.