Banknifty 1 Week Time Frame

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📊 Current Technical Snapshot
Spot Level: Approximately 55,900
Trend: Neutral to slightly bullish
Support Levels: 55,531; 55,778; 56,009
Resistance Levels: 56,486; 56,733; 56,964

🔍 Key Observations

Consolidation Zone: The Bank Nifty is trading within a defined range, with immediate support near 55,850–55,750 and resistance around 56,650–56,750. A breakout above 56,800 could target 57,000.
Bullish Bias: Sustaining above the 56,000 level may lead to a rally towards the 56,500–56,800 zone, followed by 57,000.
Rising Wedge Pattern: The index is forming a rising wedge, indicating potential consolidation with a chance of reversal. Immediate resistance lies around the 56,400 level, with a strong supply zone leading to potential reversal or selling pressure. A decisive breakout above 56,600 would turn bullish.

📈 Weekly Outlook (October 8–10, 2025)
Bullish Scenario: A breakout above 56,800 could target 57,000, with further upside potential.
Bearish Scenario: Failure to hold above 55,750 may lead to a decline towards 55,500 or lower.

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