What Cancels This View?Sustained close above 59,300Strong follow-up above 59,600If that happens, downside pressure eases and short covering may begin.đ§ Summary (Trader-Friendly)Below 59,300 → Bias negativeTarget → 58,000Strategy → Sell on rise, strict risk managementAbove 59,300 → Re-evaluateđ This is a technical observation, not financial advice. Market conditions can change rapidly.
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Bank Nifty Technical View (Simple & Clear)
Statement: Bank Nifty may go down to 58,000 if it stays below 59,300
This view is technically reasonable based on price structure and momentum. Here’s the logic, step by step:
đ Why 59,300 is the Key Level
Strong resistance zone: Earlier support turned resistance
Repeated rejection near this level shows selling pressure
Below 59,300 = bears in control
As long as Bank Nifty fails to sustain above 59,300, upside attempts remain weak.
đ Downside Roadmap (If Below 59,300)
If selling continues, these levels come into focus:
58,800 – Minor intraday support
58,400 – Breakdown confirmation zone
58,000 – Major support & psychological level
đ 58,000 is a natural target due to:
Previous consolidation
Round-number psychology
Option writers’ interest
đ Indicator Context (General)
Trend: Short-term weak
Momentum: Negative below resistance
Structure: Lower highs forming
This supports a sell-on-rise approach under resistance.
⚠️ What Cancels This View?
Sustained close above 59,300
Strong follow-up above 59,600
If that happens, downside pressure eases and short covering may begin.
đ§ Summary (Trader-Friendly)
Below 59,300 → Bias negative
Target → 58,000
Strategy → Sell on rise, strict risk management
Above 59,300 → Re-evaluate
đ This is a technical observation, not financial advice. Market conditions can change rapidly.
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