Banknifty Analysis for 04th March 2026Nifty Bank IndexNSE:BANKNIFTYsimpletradewithpatience📊 Bank Nifty Analysis for 04th March 2026 (Simple Chart Reading) CMP: 59,839 Current Structure: Short-term downtrend within broader range Market Mood: Weak bias with bounce attempts from support Bank Nifty is currently trading in a declining intraday structure after facing rejection from higher supply zones near 61,300–61,400. The broader daily chart shows range movement, but recent price action reflects selling pressure from upper resistance bands. Immediate resistance is placed near 60,295, followed by 60,751 and 61,324. A strong supply zone remains positioned between 61,325 and 61,436. On the downside, immediate support is visible near 59,265, followed by 58,692 and 58,236. The recent sharp decline towards the 59,148 swing low suggests volatility expansion, while the ongoing bounce indicates short-term recovery attempts that are yet to reclaim key resistance. For intraday reference, support levels are placed near 59,265, 58,692 and 58,236. Resistance levels are seen near 60,295, 60,751 and 61,324. The immediate supply band lies between 59,786 and 59,966, while a stronger resistance zone remains near 61,325–61,436. If the market sustains above 60,295, price may attempt to move towards 60,751. If buying strength improves, extension towards 61,324 may be possible. However, selling pressure may reappear near 60,751 and intensify near 61,325–61,436. Failure to sustain above 60,295 may keep the structure weak. If price moves directly into the 59,786–59,966 supply band, rejection from this zone may pull it back towards 59,265. Sustained strength above 59,966 would be required to improve short-term sentiment. If the market weakens below 59,265, price may move towards 58,692 and possibly 58,236 if selling pressure builds. A bounce may emerge near 58,692, but continuation would depend on how price behaves near 59,786–60,295 on recovery. In case of a sideways session, price may oscillate between 59,265 and 60,295 as the immediate band. An extended range may stretch from 58,692 to 60,751. Inside this zone, breakouts may lack follow-through unless supported by strong volume. Overall, the structure remains weak below 60,751–61,324. Immediate support lies near 59,265, while stronger supply remains positioned above 61,300. A clearer directional move may develop once price sustains beyond either side of this broader range. STWP View: Bias remains cautious below 60,751. Upside improvement may require sustained strength above 61,324. Downside pressure may increase below 59,265. Early session behaviour around 59,786–60,295 may provide initial clues regarding continuation or reversal. ⚠️ Disclaimer This post is intended solely for educational and informational purposes. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Market investments are subject to risk. Please consult a SEBI-registered financial advisor before making any investment decisions. STWP is not responsible for actions taken based on this analysis.