BankNifty Eyeing All-Time Highs, Targets 51K

The BankNifty is showing strong momentum as it aims to surpass its previous all-time high levels and move towards the target of 51K. Analysis of the charts indicates a breakout of the triangle pattern, suggesting bullish sentiment. However, confirmation will be established if the price successfully breaches the all-time high of 48636.40 and maintains above this level. In such a scenario, fresh buying interest can drive the index towards the 51K mark. The target is derived from Fibonacci extension analysis.

It's important to remain vigilant as the setup could be invalidated if the price retreats and breaks below the support level of 47300.

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Disclaimer: The views expressed here are solely my own and for educational purposes only. Make sure you consult your Financial advisor before investing, as I won't be responsible for any losses incurred.