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Published on 30-06-2026 10:49 am

Intraday Rational :

• Trend - Post 11% rally index witnessed profit booking, indicating healthy retracement.

• Levels Buy around 80% retracement of 3 days range

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Published on 30-06-2026 10:48 am

Te chnical Outlook :

• Index started the week on a flat note thereafter failed to sustain initial rebound and remained southward . The daily price action resulted into bear candle with lower high lower low indicating extended profit booking at elevated levels.

• Key point to highlight is that, after rally of 11% from June lows of 53027 ,Index is now seen profit booking which will help index to cool off overbought conditions that would make markets healthier and set the stage for next leg of up move. We believe index would form a higher base above cluster of moving averages.

• The ratio chart of Bank Nifty vs Nifty has witnessed breakout from a 5-years consolidation. This technical setup signals that the banking index is poised to accelerate its relatively outperformance and head towards 60000 in the coming month as it is gap-area formed on 2 nd March 2026

• The elevated buying demand highlights strength, thereby any decline towards 56200 should be capitalized as incremental buying opportunity as its placement of 200-day EMA coinciding with 61.8% retracement of current up move(55726-58021)

• PSU Bank Index is also seen profit booking post 11% rally and we expect it to form higher base above cluster of moving averages before next leg of upmove. Going forward we expect Index to consolidate in range 8450-8800 in coming sessions that would help to cool off the overbought conditions

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Published on 30-06-2026 10:47 am

Nifty Bank : 57727

Technical Outlook

Day that was : Bank Nifty Index closed the day on negative note down 0.77% at 57727.

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Published on 30-06-2026 10:47 am

Intraday Rational :

• Trend – Higher base formation at confluence of short-term 20 and 50-day EMA support, indicating near-term consolidation amid positive bias

• Levels – Buy around 80% retracement of 3 days range

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Published on 30-06-2026 10:47 am

Technical Outlook :

• The index started the week on a positive note and continued to face hurdle near the 100-day EMA and accelerated its decline upon breaching the previous session's low. The daily price action resulted into bearish candle with lower high-low structure on a daily time-frame, indicating profit booking at elevated level.

• Going ahead, the Nifty requires a decisive close and sustenance above the 100-day EMA and the 24,200 mark (the high of the recent two-week dojilike candles) to resume its upward trajectory toward 24,800 in the month of July. Failing this, the index is likely to prolong its consolidation within the 23,600–24,200 range.

• Structurally, following a 1,100-point rally, the index has been stabilizing within the range of its 50-day and 100-day EMAs. This healthy consolidation has helped cool off overbought conditions, eventually strengthening the market structure and establishing a solid base for the next leg of the upmove.

• The elongation of rallies followed by shallow retracement underscores underlying strength that makes us revise support base at 23600. Hence, any decline should be used to accumulate quality stocks, as strong support holds at 23600 being gap support dated 12th June 2026 coincided with 50% retracement of June rally (23072-24189). Our Constructive bias is based on following observation : a) Bank Nifty: After 3 months corrective phase, index closed above previous month’s high, confirming bullish reversal. Further, five years consolidation breakout on ratio chart of Bank Nifty vs Nifty signifies outperformance going ahead. Expect Bank Nifty to head towards 60000 in the near term b) Mid/Small-Caps: Cup & Handle breakout on monthly chart of Midcap index augurs well for acceleration of upward momentum towards 70,000 (14% upside). While, 18 months falling trend line breakout in small cap index bodes well for catch up activity towards 22600 (20% upside) c) Easing of geopolitical tension: Re-opening of Strait of Hormuz has triggered a sharp correction in Brent Crude Oil prices which is trading at three months low ($73). The softening of base metal prices along with falling crude oil is expected to moderate inflation pressure. Thereby key beneficiaries like Auto, OMC, Paint, Aviation, Realty would be in focus going ahead Key Monitorable : a) Auto Sales Numbers b) FII Inflows: The extended profit booking in these AI led indices may help to shift the FII’s interest from AI trade to growth oriented emerging markets like India c) US 10 Year Bond Yield: Retreated precisely from upper band of 3 years falling channel. Sustenance below 4.3% would provide highly supportive macro backdrop for emerging markets

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