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Mansukh Securities & Finance Ltd

BUY

Published on 23-06-2026 12:05 pm

HIGH RISK HIGH VOLATILE: BUY BANK NIFTY 57600 PUT JUNE ABOVE 455.75 SL BELOW 350 TGT 488-540-585. 30 JUNE


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ICICI Direct

OUTLOOK

Published on 23-06-2026 10:29 am

Technical Outlook :

• Post initial decline Index witnessed supportive efforts from 50% retracement of two days range around 57700 levels indicating elevated buying demand. The daily price action resulted into high wave like candle with higher high-higher low formation, indicating positive bias.

• Going ahead, we expect Index to gradually resolve higher and head towards target of 59300 levels in coming month as it is 80% retracement of Feb26-April26 decline. However, its is important to highlight that over post 3 weeks (9.5%) rally stochastic oscillator is in overbought territory(87)levels, so we believe couple of days breather cannot be ruled out which would make markets healthier and set the stage for next leg of up move. Our view is based on following observations

• A) Index has retraced past twenty-eight days decline in just 13 sessions, indicating faster pace of retracement.

• B) Key point to highlight is that after five-year consolidation the Ratio chart of Banknifty vs Nifty is on the verge of breakout indicating relative outperformance of BankNifty in comparison to Nifty

• The formation of higher high-low on the weekly chart makes us revise support upward towards 56200 levels being 200-day EMA coinciding with 38.2% retracement of current up move(53027- 58021)

• PSU Bank Index has also formed bull candle with higher high higher low post breather, sustaining above cluster of short-term moving averages, signifying uptrend intact. Going forward we expect Index to head towards 9100 levels in coming weeks being April 2026 highs coinciding with 61.8% of Feb-April 2026 decline. Intraday Rational :

• Trend - Supportive efforts from 50% retracement of two days range around 57700 levels indicating elevated buying demand.

• Levels – Buy around 61.8% retracement of last 2 days range

Click Here :- https://tinyurl.com/35kbvme4


Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631


ICICI Direct

OUTLOOK

Published on 23-06-2026 10:29 am

Nifty Bank : 57936

Technical Outlook

Day that was : Bank Nifty Index regained momentum after breather and closed the day on positive note up 0.4% at 57936 on back of mixed global cues.

Click Here :- https://tinyurl.com/35kbvme4


Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631


ICICI Direct

OUTLOOK

Published on 23-06-2026 10:28 am

Intraday Rational :

• Trend – Index is taking breather after 1100 points rally seen over in recent past

• Levels – Buy around 61.8% retracement of last 2 days range

Click Here :- https://tinyurl.com/35kbvme4


Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631


ICICI Direct

OUTLOOK

Published on 23-06-2026 10:28 am

Technical Outlook :

• Post initial decline Index witnessed supportive efforts from 50% retracement of two days range around 57700 levels indicating elevated buying demand. The daily price action resulted into high wave like candle with higher high-higher low formation, indicating positive bias.

• Going ahead, we expect Index to gradually resolve higher and head towards target of 59300 levels in coming month as it is 80% retracement of Feb26-April26 decline. However, its is important to highlight that over post 3 weeks (9.5%) rally stochastic oscillator is in overbought territory(87)levels, so we believe couple of days breather cannot be ruled out which would make markets healthier and set the stage for next leg of up move. Our view is based on following observations

• A) Index has retraced past twenty-eight days decline in just 13 sessions, indicating faster pace of retracement.

• B) Key point to highlight is that after five-year consolidation the Ratio chart of Banknifty vs Nifty is on the verge of breakout indicating relative outperformance of BankNifty in comparison to Nifty

• The formation of higher high-low on the weekly chart makes us revise support upward towards 56200 levels being 200-day EMA coinciding with 38.2% retracement of current up move(53027- 58021)

• PSU Bank Index has also formed bull candle with higher high higher low post breather, sustaining above cluster of short-term moving averages, signifying uptrend intact. Going forward we expect Index to head towards 9100 levels in coming weeks being April 2026 highs coinciding with 61.8% of Feb-April 2026 decline. Intraday Rational :

Click Here :- https://tinyurl.com/35kbvme4


Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.htmlSEBI Registration number INZ000183631


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