- Bank Nifty began the week on a weak note, showed signs of recovery mid-week, but once again succumbed to selling pressure by the end of the week, closing in the red. However, the broader structure on the weekly timeframe remains intact within a well-defined rising channel, indicating that the medium-term trend still holds strength.
- Momentum indicators like RSI are hovering near 61, showing mild fatigue without any major breakdown, while ADX around 26 signals trend strength remains, though not very strong. Price continues to hold above the short- and medium-term EMAs, offering some cushion.
- The trend appears sideways to mildly negative in near term, and if weakness persists, support levels at 56,000 and 55,500 may be tested. On the upside, resistance is placed around 56,500 and 57,000, and a breakout above these levels could reinstate bullish momentum
| LTP | R1 | R2 | S1 | S2 |
|---|---|---|---|---|
| 56,283 | 56,500 | 57,000 | 56,000 | 55,500 |
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