Banknifty analysis for 24 march 2025

 Bank Nifty Analysis

1. Price Action & Trend


Current Price: 50,570.30 (+1.06%)


High: 50,672.15


Low: 49,672.85


Trend: The price is in a strong uptrend, breaking recent highs.



2. Moving Averages (EMA Cross 65-200 & EMA Cross 9-15)


Short-term EMA (9 & 15): Bullish crossover, indicating strong momentum.


Medium-term EMA (65-200): Price is well above the long-term EMA, confirming an overall bullish trend.



3. ADX (Average Directional Index) - 14


ADX is around 25, which suggests a trending market.


If ADX rises further, the strength of the trend will increase.



4. RSI (Relative Strength Index) - 14


RSI is between 60-70, indicating bullish momentum but not yet overbought.


If RSI crosses above 70, expect potential resistance or a pullback.



5. Key Levels to Watch


Support Levels: 49,889.85 and 49,672.85


Resistance Levels: 50,681.65 (recent high)



6. Market Sentiment & Outlook


Bullish Momentum: If the price sustains above 50,600, it may target 51,000+.


Caution: A rejection at the resistance zone (50,680-50,700) could trigger a short-term pullback.


Ideal Trading Strategy:


Buy on dips near 50,200-50,300 with SL at 49,800.


Breakout trade above 50,700 for a potential target of 51,000.

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