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Below the Quote on Bank Nifty 16th January 2026 from Vatsal Bhuva, Technical Analyst at LKP Securities

"Today’s session added a positive tone to the overall chart structure of the Bank Nifty index, which was consolidating above its falling trendline breakout levels. The index posted a confident close, forming a bullish candlestick, while the RSI confirmed strength with a bullish crossover and is currently placed near 61. Considering the above technical setup, the outlook remains bullish. Immediate support is placed near 59,500 levels, aligned with the current position of the 20-day SMA. On the upside, the index is expected to test the 60,500 resistance zone. A buy-on-dips approach should be maintained as long as the index sustains above 59,200 levels."

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