Bank Nifty (DTF) is approaching its previous swing resistance around 56,065, which is an important level to watch.
On the higher timeframe, a potential regular bullish RSI divergence is visible. Price has formed a lower low, while RSI has formed a higher low after an earlier oversold reading. This indicates improving momentum despite weakness in price and raises the possibility of a bullish reversal.
Bullish Scenario:
If Bank Nifty gives a sustained daily close above 56,065, it could open the way towards the previous swing high near 58,025. A successful breakout, followed by a higher low and continuation, would strengthen the possibility of a new HH-HL structure.
Alternative Scenario:
If the index faces rejection near 56,065, it may pull back towards the 55,000 zone. If this area holds and bullish price-action confirmation appears, another upward move could follow.
However, a strong daily candle closing below 55,000 would weaken the immediate bullish structure and could lead to a deeper correction towards 53,785–53,600.
Key levels to watch:
Resistance: 56,065
Immediate support: 55,000
Next support: 53,785–53,700
Upside target: 58,025
The next directional move will depend on how price reacts around these key levels. Let the market confirm the direction rather than anticipating the breakout.
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📌 For learning and educational purposes only, not a recommendation. Please consult your financial advisor before investing.
On the higher timeframe, a potential regular bullish RSI divergence is visible. Price has formed a lower low, while RSI has formed a higher low after an earlier oversold reading. This indicates improving momentum despite weakness in price and raises the possibility of a bullish reversal.
Bullish Scenario:
If Bank Nifty gives a sustained daily close above 56,065, it could open the way towards the previous swing high near 58,025. A successful breakout, followed by a higher low and continuation, would strengthen the possibility of a new HH-HL structure.
Alternative Scenario:
If the index faces rejection near 56,065, it may pull back towards the 55,000 zone. If this area holds and bullish price-action confirmation appears, another upward move could follow.
However, a strong daily candle closing below 55,000 would weaken the immediate bullish structure and could lead to a deeper correction towards 53,785–53,600.
Key levels to watch:
Resistance: 56,065
Immediate support: 55,000
Next support: 53,785–53,700
Upside target: 58,025
The next directional move will depend on how price reacts around these key levels. Let the market confirm the direction rather than anticipating the breakout.
✅ If you like my analysis, please follow me here as a token of appreciation :)
in.tradingview.com/u/SatpalS/
📌 For learning and educational purposes only, not a recommendation. Please consult your financial advisor before investing.
Trade closed: target reached
After yesterday's gap up, today BankNifty surpassed the target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.