The Bank Nifty index,shows a bearish bias

The Bank Nifty index, as of May 6, 2025, shows a bearish bias in its intraday performance, with key technical levels and indicators suggesting cautious trading. Here's a detailed technical analysis based on available data:

#Current Price and Trend

Closing Price (May 2, 2025): 55,115.35, up 28.20 points (+0.05%)
Current Price (May 6, 2025): Around 54,550, down 0.7% from the opening at 54,918

Trend: Neutral with a bearish bias. The index has declined from its opening, forming weak candles on the daily chart, indicating hesitation and potential profit booking near resistance zones.

#Key Support and Resistance Levels

Support:
Immediate support at 53,500 (spot). This zone is critical, as a breach could lead to further downside toward 52,600 or 52,450.

Resistance - 54,400 to 54,500 it can retest and then for the further downside.