Short term - Technical Outlook
Bank Nifty faces stiff resistance near 59,900–60,000 but is finding support on dips around 59,500. It remains above key EMAs with RSI near 52, indicating healthy momentum. Support at 59,500–59,400 (20-DMA); break may drag it to 59,000–58,500. On the upside, 60,000 remains a key psychological and supply zone; a sustained breakout above this level may open the path towards 60,300–60,500. For today, sentiment in banking remains mixed ahead of the Budget. Expect a cautious, range-bound start, selling on rallies near resistance and buying dips near support could work unless there’s a strong trigger. A convincing close above 60,000 would tilt the bias firmly bullish.

Short term Research Report Call
Buy Above: 59740 | Targets: 59850, 59940, 60060 | Stop-loss: 59600
Sell Below: 59500 | Targets: 59400, 59300, 59200 | Stop-loss: 59600

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 60,000 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: 60000 | Targets: 60100, 60200, 60300 | Stop-loss: 59900
Sell Below: 59900 | Targets: 59800, 59700, 59600 | Stop-loss: 60000

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.