IGI Logo

Nifty

"The Bank Nifty index closed at 56,609.75, registering a 1.84% rise from the previous week’s close. The weekly chart indicates strong buying interest emerging from lower levels, as the index managed to hold its gains and close the week above the crucial 56,600 mark. This buying strength suggests a continuation of sideways to bullish momentum in the near term. 

This week, the Bank Nifty index formed a strong bullish candle accompanied by consistent trading volumes, reflecting renewed buying interest and strength in the banking space. Also, on the daily chart, the index has formed an Inverted Head and Shoulders pattern and given a strong breakout, successfully holding above the breakout zone. As long as the index sustains above the 56,000 mark, a “buy on dips” strategy remains advisable, with upside targets placed at 57,000 and 57,500. 

On the weekly timeframe, the Bank Nifty index is comfortably trading above all its key moving averages—including the short-term 20-day, medium-term 50-day, and long-term 200-day Exponential Moving Averages (EMA)—indicating a strong and sustained uptrend. The index has witnessed consistent buying from lower levels and managed to hold firmly above the 56,000 zone, reflecting strength in the current momentum. Key downside support is placed at 56,200, followed by 55,800. The Relative Strength Index (RSI) stands at 66.76, confirming bullish momentum. The overall view remains positive, and traders may consider a buying approach while maintaining a strict stop-loss. 

The Bank Nifty index is likely to face significant resistance in the 56,800–57,000 range. If the index continues to move higher, ICICI Bank & HDFC Bank from the private banking sector is expected to support the uptrend. Similarly, in the public sector banking space, SBIN is anticipated to show strength and contribute to any potential upside. 

For the ongoing expiry, put options show the highest concentration near the 56,500 and 56,000 strikes, marking these as key support levels. Conversely, significant open interest in call options at 57,000 and 57,500 indicates potential resistance, suggesting a likely trading range of 56,000–57,500 in the upcoming sessions. Traders are advised to remain cautious, consider a buy on dips approach, and maintain strict stop-loss levels to manage risks effectively amid ongoing market volatility and potential price fluctuations. 

Support: 56200-55800 

Resistance: 56800-57000 

Bias- Sideways to Bullish"

Bank Nifty

"The Nifty index displayed strong bullish momentum over the past week, advancing 391 points and forming a bullish candle, marking the second consecutive week of gains. On the weekly chart, the index has formed a cup and handle pattern, and a decisive breakout of this formation, supported by increasing volumes, would signal the potential for further sustained upside. 

On the daily timeframe, Nifty has given a decisive close above the 25,250 resistance, ending the session at 25,285.35, demonstrating renewed buying strength and continuation of the bullish trend. Nifty continues to trade above its key moving averages—the 20-day, 50-day, and 200-day EMAs—further confirming the broader bullish undertone. As long as the index remains above these moving averages, market sentiment is expected to stay constructive and upward-biased. 

On the upside, immediate resistance levels are seen at 25,500, followed by 25,600 and 25,850. On the downside, support is placed at 25,150 and then at 25,000, with a deeper breakdown below 24,900 likely to trigger additional downside pressure. 

Given the current structure, a “buy-on-dips” strategy remains favorable. However, traders are advised to maintain a disciplined approach with strict stop-loss measures, particularly considering the prevailing market volatility.  
Support Levels:- 25150-25000 

Resistance Levels :- 25600-25850 

Overall Bias :- Sideways To Bullish"   

For Detailed Report With Disclaimer Visit. https://choicebroking.in/disclaimer

SEBI Registration no.: INZ 000160131