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BANKNIFTY INDEX FUTURESBANKNIFTY INDEX FUTURESBANKNIFTY INDEX FUTURES

BANKNIFTY INDEX FUTURES

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BANKNIFTYF2024 trade ideas

Daily chart of Banknifty for educational purpose only Required knowledge to understand this chart Knowledge of Support and Resistance - support when broken can become resistance and vice versa Using moving average for trend direction Using moving average for breakout Using moving average for price retracement or pull back Knowledge of using RSI - RSI is used as a momentum indicator. In this chart at vertical line a, the previous support line acted as resistance and momentum fell from there only to find support at the body of the previous low. At vertical line b, the momentum broke out of the previous momentum or RSI high along with price moving above moving average giving a buy signal. The previous pinbars that acted as resistance came into play again between b and c vertical lines and price fell to moving average only to climb back up with momentum also increasing. Between vertical lines c and d the momentum made a high but failure to stay above the previous momentum or RSI high pressured the price to fall down only to find support at moving average. The week consolidation and negative RSI divergence say the price is weakening. At the fag end of the chart the momentum is sloping down whereas moving average is curving upward gives a mixed signal. Will the price move above 57850 or fall to 55350, or the price will retrace to moving average makes this chart an interesting watch.
NSE:BANKNIFTY1!
by youtoocantrade
Bank Nifty Futures (BANKNIFTY1!) – Breakout Watch & Demand Zone Bank Nifty Futures has broken above the key resistance zone around 56,000, signaling bullish strength. Price has formed higher lows and is currently trading near recent highs with strong momentum. 📌 Key Zones & Levels: Resistance Turned Support: ~56,000 Immediate Supports (Sup): ~55,820 and ~55,750 Bullish Order Block (OB): ~55250–55350 (previous demand zone) 🔍 Observation: A clean breakout above the previous resistance zone with good volume. Two minor support levels are holding post-breakout, which may act as intraday retest zones. Price rallied sharply from the demand (OB) zone on May 30th, showing strong buying interest. 🎯 Trading Plan: Watch for retests near 55820–55750 for long opportunities with bullish confirmation. If price revisits the OB zone near 55,250, it may provide a high-probability long setup. Maintain bullish bias above 55,750; a close below may weaken momentum. 📅 Chart Timeframe: 15 Min 💡 Idea Type: Breakout Continuation / Retest Entry Setup
NSE:BANKNIFTY1!Long
by wkabichandra