BANKNIFTY (18-DEC-2023) Analysis and Potential Trading Scenarios
**BANKNIFTY Analysis and Potential Trading Scenarios**
*Market Overview:*
In the previous trading session, profit booking was observed in the last 15 minutes near its all-time high, establishing a new resistance zone between 48211 and 48104 for BANKNIFTY.
*Key Resistance and Support Levels:*
- **Resistance Zone:** 48211 - 48104
- **Breakout Level:** 49220
- **Potential Upside Targets:** 48426 - 48538, 48856 - 48965
- **Support Levels:** 47938, 47758, 47555, 47475
*Trading Scenarios:*
**1. Breakout Scenario:**
If prices manage to break and sustain above 49220, a potential sideways movement within the range of 48426 - 48538 is anticipated. Further upside can be expected if prices continue to hold above 48538, with potential targets at 48856 - 48965.
**2. Downside Opening Scenario:**
Should prices open and trade below 48100, support is expected near 47938. If this support holds, the market may trade sideways. However, a breach of this level could trigger a downward price action towards 47758, 47555, and 47475, respectively.
*Conclusion:*
BANKNIFTY is currently navigating near its all-time high, and traders should closely monitor the critical levels mentioned. A breakout above 49220 could lead to further upside, while a downside move below 48100 may prompt a retracement. As always, it is recommended to exercise caution, employ risk management strategies, and consider market developments for informed decision-making.
*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Traders are encouraged to conduct their own research and consult with financial professionals before making trading decisions.*
*Market Overview:*
In the previous trading session, profit booking was observed in the last 15 minutes near its all-time high, establishing a new resistance zone between 48211 and 48104 for BANKNIFTY.
*Key Resistance and Support Levels:*
- **Resistance Zone:** 48211 - 48104
- **Breakout Level:** 49220
- **Potential Upside Targets:** 48426 - 48538, 48856 - 48965
- **Support Levels:** 47938, 47758, 47555, 47475
*Trading Scenarios:*
**1. Breakout Scenario:**
If prices manage to break and sustain above 49220, a potential sideways movement within the range of 48426 - 48538 is anticipated. Further upside can be expected if prices continue to hold above 48538, with potential targets at 48856 - 48965.
**2. Downside Opening Scenario:**
Should prices open and trade below 48100, support is expected near 47938. If this support holds, the market may trade sideways. However, a breach of this level could trigger a downward price action towards 47758, 47555, and 47475, respectively.
*Conclusion:*
BANKNIFTY is currently navigating near its all-time high, and traders should closely monitor the critical levels mentioned. A breakout above 49220 could lead to further upside, while a downside move below 48100 may prompt a retracement. As always, it is recommended to exercise caution, employ risk management strategies, and consider market developments for informed decision-making.
*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Traders are encouraged to conduct their own research and consult with financial professionals before making trading decisions.*