Nifty Bank Index Analysis (30-Minute Chart)

7 Nov

Key Observations:
1.Fibonacci Retracement Levels:

• The chart shows a clear downtrend from around 54,497 to the recent low near 50,279.
  
• Key retracement levels include:
  

• 23.6% Retracement: Around 53,497, indicating minor resistance.
  
• 38.2% Retracement: Near 52,882, a level that has acted as resistance multiple times.
  
• 50% Retracement: Around 52,385, which has been retested recently.
  
• 78.6% Retracement is seen at 51,180.8, a key level of support.
  

2.Moving Averages (MA):

• The 30-minute chart shows price movement interacting with multiple MAs.
  
• The 200-period MA is an essential indicator of trend direction and resistance/support.
  
• Shorter MAs like the 20 and 50 periods can highlight entry points during trend reversals.
  

3.Support and Resistance Levels:

• Resistance: 52,389.90 and 53,497.15. Breaking these could signal bullish momentum.
  
• Support: 51,195.90 and a lower support at 50,279.50, which marks the recent low.
  

4.Trendline Channels:

• The index is moving within a channel, with an upward support trendline. The price respecting these levels might suggest range-bound movement with breakout potential.
  

3.Volume Analysis:

• Recent volume spikes align with price testing key resistance levels, hinting at possible rejection or continuation if volume sustains.