BANKNIFTY 1D Time frame

🔍 Current Market Snapshot

Current Level: ₹55,541.30

Day’s Range: ₹55,315.55 – ₹55,666.35

52-Week Range: ₹47,702.90 – ₹57,628.40

Previous Close: ₹55,458.85

Market Sentiment: Neutral to mildly bearish

📊 Technical Indicators

Moving Averages: The BANKNIFTY index is trading slightly below its short-term moving averages, indicating potential resistance.

RSI (14): Approximately 50, suggesting a neutral stance with no clear overbought or oversold conditions.

MACD: Neutral, with the MACD line and signal line close together, indicating indecision in market momentum.

Stochastic Oscillator: Neutral, fluctuating around the midline, reflecting a lack of strong directional movement.

🧮 Strategy / Trade Ideas

Long Setup:

Entry: Consider entering near support levels (~₹55,300) if bullish reversal signals appear.

Stop Loss: Place below ₹54,800 to manage risk.

Target: First resistance around ₹55,800, then ₹56,200.

Short Setup:

Entry: If price fails to break above resistance (~₹55,800) and shows signs of reversal.

Stop Loss: Above ₹56,300.

Target: Downside toward ₹55,300, then ₹54,800.