Short term - Technical Outlook
Bank Nifty mirrored the broader market weakness with a decisive breakdown. The immediate support zone is placed at 58,000–58,250, which also coincides with the 100-day EMA and acts as a crucial cushion. On the upside, 58,900–59,000 has now emerged as a major supply area and near-term resistance. Momentum has weakened, with MACD turning negative, reinforcing the bearish bias. The near-term tone remains bearish, with a sell-on-rallies approach preferred near the 58,900–59,000 resistance zone. Any meaningful recovery would require a strong close above 59,000 accompanied by healthy volumes to shift momentum. Failing that, the risk of further downside extension remains elevated.

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 59,500 could provide additional support to Bank Nifty. Technically, staying above 59,000 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: 58500 | Targets: 58600, 58700, 58800 | Stop-loss: 58400
Sell Below: 58300 | Targets: 58200, 58100, 58000 | Stop-loss: 58400

Long term Chart

Nifty 50

The index opened flat to marginally higher above the 25,300 mark and is consolidating within the previous session’s closing range. Immediate support is placed around 25,100, which acts as a key cushion. A sustained move above 25,400 could trigger an upside breakout, potentially opening the path towards 25,600–25,700. On the downside, a break below immediate support may drag the index towards 25,000–24,900. Momentum indicators remain largely unchanged, with RSI continuing to signal a neutral setup. The bias stays cautious to neutral ahead of the 11 AM Budget announcement, likely turning directional post clarity.

Bank Nifty

Bank Nifty opened around the 59,600 mark, slightly higher than Friday’s close, and is showing resilience near its key EMAs despite facing supply near the 59,900–60,000 zone. The index continues to hold above its short-term averages, with RSI in the 50–55 range, indicating healthy momentum and relative outperformance versus the broader market.  Immediate support is seen at 59,500–59,300, which aligns with the 20-day EMA. On the upside, the 60,000 level remains a key psychological and supply zone; a sustained breakout above this area could fast-track the move towards 60,300–60,500. For now, the overall bias stays neutral to range-bound.