Banknifty - Market Close View - 7th Jan'25 (Based on Intraday Chart)

1. Trend Analysis and Trendlines

• Overall Trend: The chart shows a downtrend initially, followed by consolidation, and a mild recovery before tapering off.
• Key Trendlines:
  • Draw a downward sloping trendline connecting the highs during the initial fall.
  • For consolidation, a horizontal trendline near the lowest levels around 50000 acts as support.

2. Support and Resistance Levels

• Support Level:
  • Psychological level of 50000 (consolidation around this zone).
• Resistance Level:
  • Near 50350-50400 (recent highs of consolidation and rejection).

3. Elliott Wave Analysis

• Wave Pattern:
  • The initial fall likely represents Wave 1 (impulsive), followed by a corrective Wave 2 (recovery). The last leg of consolidation and mild recovery aligns with Wave 4 corrections.

4. Fibonacci Retracement Levels

• Use the swing high near 51800 and swing low near 50000 for retracement:
  • 38.2% Retracement: 50600 (Potential resistance for a recovery).
  • 50% Retracement: 50900 (Strong resistance if recovery continues).

5. Gann Angles

• A Gann 1x1 angle can be plotted from the swing low (50000), marking potential resistance near 50500 as it aligns with price action.

6. Pivot Points

• Pivot (P): 50350 (Key level to watch; if breached upwards, it turns into support).
• R1 (Resistance): 50550.
• S1 (Support): 50050.

7. Suggested Trading Plan

• Entry:
  • Long entry: Above 50350, targeting 50600-50700.
  • Short entry: Below 50050, targeting 49850.
• Stop Loss:
  • Long trades: Below 50200.
  • Short trades: Above 50400.
• Targets:
  • Long trades: 50600, 50750.
  • Short trades: 49850, 49700.

Would you like any specific visual representations or calculations for this analysis?