BANKNIFTY WEEKLY ANALYSIS

1. Trend & Price Channel
The price is in a clear downtrend, forming lower highs and lower lows within a descending price channel (marked by blue parallel lines). The midline (dashed blue line) is acting as a dynamic resistance/support within the channel.

2. Breakdown from Critical Support
Recent Price Action: The price is currently trading below the lower boundary of the descending channel. This indicates a potential acceleration of the downtrend unless a strong support level holds. Weekly Breakout Level - 48,775.65,
Key level to watch—price has broken below this critical support, turning it into resistance.
If the price fails to reclaim this level, it could lead to further downside.

3. Key Support & Resistance Levels

Resistance Levels (Red) 50,616.30 (Strong Weekly Resistance)
This is a major resistance level and a key upside target for bulls.
49,372.50 – 49,600.00 (Weekly Resistance Zone)
Acts as an intermediate resistance; price needs to break above this for a trend reversal.

Support Levels (Green) 48,344.70 (Current Market Price - Weak Support)
If this level fails, expect further declines.
47,594.40 (Weekly Support Zone)
Stronger support level, potential bounce area.
46,921.45 (Strong Weekly Support)
Key downside target in case of continued selling pressure.
4. Possible Scenarios
Bearish Case: Price remains below 48,775.65 (breakout level) → More downside expected.
Bullish Case: Price reclaims 48,775.65, confirming a false breakdown. If these break, expect a test of 50,616.30 (major resistance).