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Bank Nifty

Bank Nifty opened the week on a flat note at 57,343.30 and initially attempted to hold higher levels, making the weekly high of 57,426.85. However, selling pressure intensified during the first half of the week, dragging the index lower and resulting in a weekly low of 55,699.45. The index witnessed a sharp recovery during the final trading session, supported by buying interest at lower levels, and eventually closed at 56,606.55, down by 763.10 points (-1.33%).

The weekly price action indicates that the index remained under pressure for most of the week, but the strong recovery from the weekly low suggests buying interest emerging at lower levels. HDFC Bank's recovery during the final session provided some support to Bank Nifty, helping the index recover from its lows, while Union Bank was among the major laggards within the index. The index has managed to close above the 50-week EMA, currently placed around the 56,300 zone, which offers some cushion on the downside. However, Bank Nifty continues to remain below the rising trendline support, keeping the near-term technical structure cautious. The Weekly RSI stands at 48.24, slipping below the neutral 50 mark and indicating a loss of momentum.

Going ahead, the index is likely to remain in a consolidation phase unless it decisively moves above the immediate resistance zone. Sustaining above the 55,700–56,000 support area would be important for a recovery, while a sustained move above 57,500–58,000 could improve the short-term setup and revive buying momentum.

Support: 55,700–56,000

Resistance: 57,500–58,000

Overall Bias: Sideways

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