Nifty Bank IndexLong
BANKNIFTY 55000 NEXT WEEK?
This chart represents the #BankNifty Index on a 30-minute timeframe. The image illustrates a breakout scenario from a consolidation phase (highlighted in yellow) following a descending trendline. The breakout is confirmed by a sharp upward price movement backed by increasing volume, indicating strong bullish momentum.
The green zone marks the potential upside levels between 53,890 and 54,870, calculated using Fibonacci extensions. The bullish target points to the 161.8% level around 54,870. The red zone highlights the invalidation level for the bullish view, set at 53,100 on a closing basis. A close below this level would signal a potential reversal or further downside pressure.
The chart also incorporates key Fibonacci retracement levels, where the 100% level at 53,888 acts as immediate resistance. The current price of 53,630.55 trades above critical retracement zones, providing further confidence in a bullish continuation.
Traders should monitor price action near resistance and support zones and confirm with volume spikes for entry or exit signals. A sustained move above the resistance may fuel further gains toward the targets, while a breakdown below the invalidation level could invite bearish sentiment.
The green zone marks the potential upside levels between 53,890 and 54,870, calculated using Fibonacci extensions. The bullish target points to the 161.8% level around 54,870. The red zone highlights the invalidation level for the bullish view, set at 53,100 on a closing basis. A close below this level would signal a potential reversal or further downside pressure.
The chart also incorporates key Fibonacci retracement levels, where the 100% level at 53,888 acts as immediate resistance. The current price of 53,630.55 trades above critical retracement zones, providing further confidence in a bullish continuation.
Traders should monitor price action near resistance and support zones and confirm with volume spikes for entry or exit signals. A sustained move above the resistance may fuel further gains toward the targets, while a breakdown below the invalidation level could invite bearish sentiment.
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