BANKNIFTY Potential price action

I mentioned the significance of the green lines visible on the chart, which represent key levels. Specifically, I highlighted yesterday’s low and explained that if the price breaks below this level, it could undercut the previous support at 48,074.

As we can see, both levels were breached with a gap down. However, the price has been recovering since then and continues to do so. Currently, the level around 48,300 appears to act as a resistance. If the price manages to break above this level, it could signal bullish momentum, with potential targets at 48,800 and 49,000.

On the downside, the price will only turn bearish if it breaks below 47,841, which is a critical support level for now. Let’s monitor how the price behaves during the rest of today’s session or tomorrow to get a clearer picture of the market’s direction.