NIFTY CHART

 

Nifty Market Analysis

Current Market Price (CMP): 23,250.10

Key Levels to Watch

• Recent Swing Analysis:

  • The recent swing low of 21,964 and swing high of 23,869 indicates a significant price movement. The 38.2% retracement level of this swing is at 23,141, which has been maintained on the hourly chart, closing above this level is a positive sign.

• Support Levels:

  • First Support: 23,141 (38.2% retracement level)
  • Next Support: 22,917 (50% retracement of the 21,964-23,869 swing)
  • Worst Case Support: 22,692
  • Critical Support: 22,372

• Resistance Levels:

  • Immediate Resistance: 23,420
  • Stiff Resistance Zone: 23,800 (notably, a double top reversal occurred at 23,869, closing at 23,668, which is below the critical level of 23,800)
  • Further Resistance Levels: 24,120 and 24,387

Technical Insights

• The double top reversal pattern at 23,869 suggests a potential bearish sentiment, especially with the close below 23,800. The high from February 5, 2025, at 23,807 further reinforces this resistance level.

• The 23.6% retracement of the swing from 26,277 to 21,964 is at 22,881, which aligns closely with the support levels, indicating a potential area of interest for buyers.

Conclusion

Traders should closely monitor the support level at 23,141 for potential buying opportunities, while being cautious of the resistance at 23,800. A break below 22,917 could signal further downside, while a sustained move above 23,800 may open the door for a rally towards 24,120 and beyond.

Nifty Chart

 It looks like you're tracking the Nifty index and analyzing potential support and resistance levels based on swing points and Fibonacci retracements. Here’s a breakdown of the analysis:

• Old swing: 26277-23893, which bounced off the 180% Fibonacci extension at 21986, with an actual low of 21964. The index then reached 22676, which you noted as a significant level.

• Current swing: 21964-22676, with the key Fibonacci retracement level being 38.2% at 22404. The actual low yesterday was 22429, which is close to this level. The closing level around 22400 seems crucial for the downtrend. If the Nifty closes below this level, the index might test lower levels like 22320, 22235, or the worst-case scenario at 22116.

• Important point: Any gap-down move around these levels might lead to accumulation or short-covering, suggesting that the market could bounce or stabilize from these zones.

In summary, if the Nifty closes below 22400, you’re anticipating a further downside towards 22320-22235, with 22116 as a possible worst-case target. However, any gap-down move near these levels could trigger a reversal or short-covering, possibly leading to a bounce back. Keep an eye on the closing levels, especially around 22400, for further clues about the trend direction.

Nifty Chart

 It looks like you are analyzing the Nifty index (or a similar instrument) using Fibonacci levels, with a focus on the Election Low (21281) and LTH (26277) as key reference points. Here's a breakdown of your analysis and conclusions:

Key Points:

1. Election Low (21281) & LTH (26277):

   • You're using these as significant levels for your Fibonacci analysis.

2. 78.6% Retracement of the latest swing:

   • You mention that the 78.6% retracement from the Election Low (21281) to the LTH (26277) occurs around 22350.

3. Key Swings and Fibonacci Extensions:

   • The 126.8% extension from the LTH points to 22455.
   • The 180% extension of the swing suggests a strong reversal around 21986, and the actual low formed was 21964, indicating that the market bounced sharply from this level.

4. Bounce and Targets:

   • After the bounce from 21964, you've noted that the 161.8% Fibonacci target sits at 22420.
   • This indicates a potential stiff resistance range between 22420-22455, suggesting that the market could face a challenge breaking above this zone.

5. Resistance and Trade Setup:

   • 22420-22455 is seen as a stiff resistance range.
   • A close above this range would signal the possibility of further upside, with a potential move towards 22515-22535.

Conclusion:

• 22420-22455 is a crucial resistance zone. If the price manages to break and close above this range, it could be a good signal to go long for targets in the 22515-22535 range.
• Support around 21964 (based on the 180% extension) could serve as a potential floor for the market in the near term.

Would you like further insights into risk mana

Banknifty CHART

BANKNIFTY 48489

 It looks like you're analyzing the Bank Nifty index with a focus on Fibonacci retracements and key resistance levels. Here's a summary of your analysis and how the levels you've mentioned might play out:

• Current Level: The Bank Nifty is currently at 47873, which aligns with the 78.6% Fibonacci retracement of the latest swing (Election low to LTH). This is a significant level to watch because retracement levels often indicate potential support or resistance areas.

• Old Swing: You also referenced the previous swing from 44429 to 49974, with a 180% extension level. The price reversed sharply from this level and bounced from the 38.2% retracement, which suggests that the 47855 level (very close to the current 47873) is playing an important role as support.

• Resistance Levels:

  • 48665: This level is formed by the confluence of swing resistance and a trendline resistance.
  • 48700: This is marked as a stiff resistance, and it aligns with the high of 48657 from yesterday. The index closed below this at 48489, indicating the market struggled to sustain above this level.
  • 48700 is now a key level to watch, as a break and hold above this would suggest further upside potential. However, unless the price clears and stays above this level, the index may face downward pressure.

If you're trading or investing based on this analysis, you should monitor these key levels closely. A break above 48700 could lead to further upside, while a rejection or failure to break through may result in another move downward or consolidation around the current levels. Keep an eye on the daily closes and volume for confirmation of the trend.