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.
đ 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. ⚠️ Wh...