Bank Nifty is currently testing a crucial resistance zone at the 0.618 Fibonacci retracement level of **51,318.25**. This level is known for being one of the strongest resistances in bearish Fibonacci setups, often marking a potential reversal point.
The market is at a critical "make or break" level. A decisive break above this 0.618 level could invalidate the bearish setup and lead to a bullish continuation, potentially targeting the next resistance at the 0.786 level of **51,771.20**.
However, if Bank Nifty fails to break this resistance, it may resume its downtrend, with the next support levels being the 0.5 Fibonacci level at **51,000.15** and the 0.382 level at **50,682.00**.
Traders should closely watch the price action around the 0.618 level, as it will likely determine the next major move in Bank Nifty.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.