Short term - Technical Outlook
Bank Nifty closed above the key psychological 60,000 mark on Thursday, trading comfortably above all major moving averages (20-, 50-, 100- and 200-day EMAs). However, the rebound from the 59,950–59,900 demand zone lacked volume and momentum expansion, suggesting that the move was driven largely by short covering rather than fresh long accumulation. The RSI, hovering around 56, has flattened, indicating cooling momentum rather than a trend reversal, while the MACD remains in positive territory but continues to lack strong follow-through. On the downside, immediate support is seen at 59,800, followed by the 59,500–59,000 zone if broader market weakness intensifies. On the upside, the 60,400–60,500 band continues to act as a stiff resistance area. A decisive close above this zone, accompanied by strong volumes, would be required for the index to resume its uptrend. In the near term, Bank Nifty is likely to remain range-bound unless there is a meaningful shift in overall market sentiment following the RBI policy outcome.

Short term Research Report Call
Buy Above: 60160 | Targets: 60250, 60350, 60450 | Stop-loss: 60000
Sell Below: 60000 | Targets: 59900, 59800, 59700 | Stop-loss: 60100

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 60,300 could provide additional support to Bank Nifty. Technically, staying above 60,000 will help maintain a positive sentiment for the Indian market. However, a break below 59,500 could turn unfavorable for Bank Nifty and trigger weakness.

Long term Research Report Call
Buy Above: 60160 | Targets: 60250, 60350, 60450 | Stop-loss: 60000
Sell Below: 60000 | Targets: 59900, 59800, 59700 | Stop-loss: 60100

Long term Chart

Indian equity markets opened on a flat and cautious note, extending the ongoing consolidation phase as mixed global cues and the RBI Monetary Policy Committee (MPC) decision expected shortly kept investors firmly in a wait-and-watch mode. IT stocks continue to weigh on sentiment, reflecting persistent headwinds in global technology markets amid AI-led disruptions and a broader risk-off tone in U.S. tech. On the positive side, the rupee has shown mild recovery from recent lows, aided by easing corporate dollar demand. Despite the lack of broad-based momentum, underlying resilience is visible, with select banking stocks and a few heavyweight names holding firm.

Nifty 50

Nifty 50 opened marginally lower and is currently hovering near the critical 25,600 zone, which marks the previous consolidation swing low. Immediate support is placed at 25,550–25,450, aligning with the 20- and 100-day EMAs. On the upside, strong resistance is seen in the 25,750–25,850 band, a well-defined supply zone. A sustained hold above 25,600 would help stabilize near-term sentiment, while a decisive break below this level could open the door for a deeper corrective move toward the 25,350–25,200 demand zone. RSI remains near the neutral 50 mark, reflecting indecision, with price action pointing toward continued range-bound consolidation.

Bank Nifty

Bank Nifty opened flat near the 60,000 psychological level and continues to trade within a tight 59,800–60,300 consolidation band. As long as the 59,800–59,500 zone, aligned with the 20-day EMA, holds, the near-term bias remains neutral. Immediate resistance is placed at 60,400–60,500, where a decisive breakout could trigger fresh buying interest. RSI remains flat, indicating the absence of strong directional momentum. Bank Nifty is expected to stay relatively resilient versus the broader market, though rate-sensitive stocks could see sharper moves post the RBI policy announcement.