Banknifty analysis for 2 apr 2025

The key levels of support and resistance for Bank Nifty:

Support Levels:

1. 50,643 - 50,666 Zone – This is a key support zone marked by previous price reactions.

2. 49,860 – Another potential support, as it's a significant level below the current price.

3. 48,800 - 49,200 Region – If selling continues, this could act as a major support.

Resistance Levels:

1. 51,020 - 51,200 Zone – Price might face resistance in this range.

2. 51,600 – A previous key level where price faced selling pressure.

3. 52,000 - 52,400 – A strong resistance area if the price starts recovering.

Technical Observations:

RSI at 35.39 – Indicates that Bank Nifty is in the oversold zone, suggesting a possible bounce.

Declining Moving Averages – Shows bearish momentum.

Bank Nifty Trade Setup (Based on Chart Analysis)

Bullish Scenario (Buy Trade)

Entry: Around 50,650 - 50,700 (Key support zone)

Stop Loss: Below 50,500 (To avoid getting trapped in further downside)

Target 1: 51,020 - 51,200 (Resistance zone)

Target 2: 51,600 (If momentum sustains)

Confirmation: Look for RSI bounce from oversold zone and bullish candle formation (e.g., hammer or engulfing candle).

Bearish Scenario (Sell Trade)

Entry: Around 51,000 - 51,200 (Resistance zone)

Stop Loss: Above 51,300

Target 1: 50,650 - 50,700

Target 2: 50,400 - 50,200 (If selling pressure continues)

Confirmation: Look for rejection candles or a breakdown below 50,650 with volume.

Aggressive Scalping Opportunity

If Bank Nifty breaks 50,600 decisively, it could slide toward 50,200 - 50,400 quickly.

Conversely, if it reclaims 51,200, an intraday move towards 51,500 - 51,600 is possible.

Since you prefer scalping, watch for quick moves around these levels and trade with strict SL.

Banknifty analysis