Bank Nifty Analysis: Symmetric Triangle Targets Met

Bank Nifty successfully hit both targets from the recent symmetric triangle pattern within two days and is now consolidating near the 15-minute and 1-hour support levels.

Immediate Support: 49,620
Immediate Resistance: 50,420 and 50,700

If the support at 49,620 is breached, we could potentially see a move down to the 48,850 level. Watch these key levels closely for trading opportunities.

Nota

Respected immediate Resistance level of 50,420.
If Bank Nifty has to go up it needs to sustain above 50,700

Nota

Resistance at 50,700 (as noted in the analysis) has been respected, with the price consolidating between 50,420 and 50,700. This consolidation is occurring at a critical level. If the price manages to hold above 50,550, it could lead to a continuation of the uptrend. However, if it fails to do so, we might see a drop to 48,850.

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