Bank Nifty prediction today

Indian equity markets opened higher on Monday, tracking a sharp decline in crude oil prices amid hopes of progress in U.S.–Iran negotiations. Reliance Industries surged nearly 5% following its strong quarterly results announced on Friday, lending support to the benchmark indices. However, the broader market advance remained uneven, with gains concentrated in select heavyweight stocks.

Crude oil prices eased, with WTI falling around 2.2% to approximately $100.60 a barrel, while Brent retreated from recent highs to trade around $109–$110. The decline followed a third consecutive day of discussions between Iranian and Qatari officials aimed at ending the U.S.–Israeli conflict with Iran. Iranian Foreign Minister Abbas Araqchi described the talks as “ongoing and progressing”, fuelling hopes of a possible diplomatic breakthrough.  

U.S. President Donald Trump said Washington would refrain from attacking Iran ahead of this week's midterm elections, citing progress in negotiations, although he did not rule out military action thereafter. Meanwhile, attacks on tankers in the Strait of Hormuz continue to pose risks to shipping and energy supplies, keeping transportation costs elevated. OPEC+ has also maintained its production targets unchanged through December, limiting the prospect of additional supply in the near term.

In the currency market, the rupee remained firm near 94.76 against the dollar, supported by softer crude prices and improving global risk appetite. However, its near-term trajectory remains vulnerable to movements in oil prices and foreign portfolio flows.

For now, domestic equities began the session on a positive footing, but the recovery remains vulnerable to shifts in geopolitical developments. A sustained decline in crude prices and tangible progress in U.S.–Iran negotiations will be important in supporting further gains, while any renewed escalation could quickly reverse the improvement in market sentiment.

 

Technical View

Nifty 50

Nifty 50 opened with a gap-up near the 23,222 mark, extending its recent recovery and strengthening the short-term technical structure. The index has now reclaimed its 50-day EMA, indicating improving buying momentum. The immediate resistance is placed around 23,300–23,400. A sustained move above the 23,200 level, supported by continued buying participation, could help the index extend its upward momentum towards this resistance zone.
 
On the downside, 23,150–23,100 is likely to act as the immediate support zone, followed by the psychological 23,000 mark. Holding above these levels will be important to sustain the ongoing recovery and maintain the positive short-term bias. The RSI has improved to around 58, reflecting strengthening bullish momentum. The near-term outlook has turned cautiously positive, with sustained trading above 23,200 likely to strengthen the recovery and open the possibility of further upside.

 

Bank Nifty

Bank Nifty opened with a mild gap-up near the 54,837 mark; however, the index continues to display relative weakness compared with the broader market. It continues to face selling pressure around the 55,000–55,200 resistance band, which remains a key hurdle for extending the ongoing recovery. A sustained breakout above 55,200, supported by stronger buying participation across banking stocks, could improve the near-term outlook and open the way towards higher levels.
 
On the downside, 54,600–54,400 remains the immediate support zone. However, a decisive break below 54,400 could intensify selling pressure and expose the index to lower support levels. The near-term outlook remains cautious, with the index yet to demonstrate strong buying conviction. A decisive move above 55,200 will be important to establish a stronger recovery and improve the short-term technical structure.