Short term - Technical Outlook
Bank Nifty continues to display intermittent relative strength compared to the broader market, though the overall trend remains under pressure. The index is currently testing an important support zone around 58,300–58,100, aligned with its 100-day EMA. As long as this band holds, the near-term outlook remains neutral to mildly positive, with scope for a recovery toward 59,000 and potentially 60,000 on a sustained breakout. However, failure to hold above 58,300 could trigger another corrective leg, dragging the index toward the 58,000–57,500 zone. Momentum indicators show mild improvement, but broader market weakness and sector-specific concerns are likely to cap aggressive upside attempts.

Short term Research Report Call
Buy Above: 58500 | Targets: 58600, 58700, 58800 | Stop-loss: 58400
Sell Below: 58300 | Targets: 58200, 58100, 58000 | Stop-loss: 58400
 

Short term Chart

Long term - Technical Outlook

Bank Nifty took support from the lower levels and is now attempting to make new highs. Holding above 59,000 could provide additional support to Bank Nifty. Technically, staying above 59,500 will help maintain a positive sentiment for the Indian market. However, a break below 58,000 could turn unfavorable for Bank Nifty and trigger weakness.

Long term Research Report Call
Buy Above: 59000 | Targets: 59100, 59200, 59300 | Stop-loss: 58900
Sell Below: 58800 | Targets: 58700, 58600, 58500 | Stop-loss: 58900

Long term Chart

Indian equity markets opened marginally positive, mirroring investor caution amid persistent global headwinds and selective optimism. Pre-Budget positioning, sustained FII outflows, pressure on the rupee, and evolving geopolitical tensions in the Middle East involving the US and Iran continue to restrain risk appetite. Meanwhile, mixed outcomes from the ongoing Q3 earnings season are capping any meaningful recovery attempts.
While deeply oversold conditions could trigger intermittent bouts of short-covering and technical rebounds, the sustainability of such moves will largely hinge on global cues and greater clarity from the upcoming Union Budget. Overall sentiment remains guarded, with market participants preferring a wait-and-watch approach over aggressive positioning.

Nifty 50

Nifty opened flat but slipped back below the psychological 25,000 mark amid sustained selling pressure at higher levels. The short-term structure continues to reflect a negative to bearish bias. Immediate support is placed near 24,900, followed by a stronger demand zone in the 24,700–24,500 region. On the upside, 25,200 stands as the first hurdle, while the 25,400–25,500 band remains a decisive resistance zone. Unless fresh institutional buying emerges, the index is likely to remain corrective and range-bound. The near-term bias stays cautious to negative, though oversold conditions could invite brief technical rebounds as long as key supports are defended.

Bank Nifty

Bank Nifty mirrored the broader market tone, opening flat before slipping below the previous session’s low. The index is currently hovering around the 58,000–58,100 zone, which aligns with the 100-day EMA and offers near-term stability. Relative underperformance continues to persist, reflecting ongoing pressure in heavyweight banking names. On the downside, 58,000–57,800 remains a critical support area, while 58,600–59,000 forms the immediate resistance band. A sustained breakout above 59,000 is required to revive bullish momentum. Until then, the near-term bias remains mildly negative, with consolidation and range-bound activity likely to dominate.