Banknifty Analysis

 

support near 47095-47000 (which coincides with the 23.6% Fibonacci retracement level of the swing from 42105 to 48636).

Here are the key takeaways from your observations:

Support & Base Formation

• 47800 zone has acted as a strong demand area multiple times (Jan 13, Jan 27, and Mar 3).
• 47095-47000 is a crucial support range and could be the final low before a bounce.

Resistance & Upside Levels

• 48636-48700 is a critical resistance zone. Bulls need to break this convincingly for further upside.
• If it breaks, we may see a test of 50641 (previous high) and eventually 53861 (180% swing level).
• If rejected from 48636-48700, another dip toward 47095-47000 could be possible.

Strategy Consideration

• Above 48700, strength can be expected, targeting 50641 first and possibly 53861 later.
• Failure at 48700 may lead to another correction, possibly retesting 47095-47000 before a bigger bounce.
• Watch price action near 47800 closely. If this holds, it can be an accumulation zone.

Would you like to discuss potential entry/exit strategies based on this analysis?

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