Technical Analysis and Trading Plan for Nifty Bank Index

Nifty Bank Index (5-minute Chart)
Current Price: ₹49,519.50

Trend Analysis:

Resistance Levels: The index is approaching a resistance zone around ₹49,800 to ₹49,900.
Support Levels: A strong support zone appears between ₹49,400 and ₹49,000.
The recent price action suggests the formation of a potential bullish pattern as it attempts to bounce from the support zone.
Volume: Monitor the volume during breakouts; high volume could confirm strength.

Indicators: Look for indicators such as RSI to confirm overbought or oversold conditions.

Trading Plan for Nifty Bank Index:
Buy Entry: Above ₹49,800 with a confirmation candle.
Target Price: ₹50,100 and then ₹50,300 on upward momentum.
Stop Loss: Below the support level at ₹49,400.