Bank Nifty Weekly Analysis: Key Levels & Trend Outlook

Weekly Recap:
Bank Nifty opened last week with a gap-down at 49,336.10, plunging 2,166.6 points or -4.21%. However, it recovered over the course of the week and eventually settled at 51,002.35, registering a modest weekly decline of -0.97%.

Key Weekly Levels for Next Week
Price Action Pivot Zone:

The crucial range to watch for potential reversals or trend continuation is 50,860 to 51,115

Support & Resistance Levels:
Support Levels:

• S1: 50,487
  
• S2: 50,103
  
• S3: 59,650
  

Resistance Levels:

• R1: 51,560
  
• R2: 52,011
  
• R3: 52,577
  

Market Outlook:

Bullish Scenario: If Bank Nifty sustains above 51,115, it could see buying interest, potentially pushing towards R1 at 51,560 and higher levels.
Bearish Scenario: A breakdown below 50,860 could trigger further downside pressure, targeting S1 at 50,487 and lower support levels.

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