The Nifty Bank Index last week ended at 57,776.35, posting a modest +0.13% gain. The index showed signs of indecision near the recent high, indicating that the market is pausing after a strong bullish run in October.
🔹 Key Levels for the Upcoming Week
📌 Price Action Pivot Zone:
57,656 to 57,897 – This blue-shaded range marks the key decision area. Sustaining above this zone may invite renewed buying interest, while a close below could lead to mild profit booking.
🔻 Support Levels:
S1: 57,297
S2: 56,819
S3: 56,426
🔺 Resistance Levels:
R1: 58,259
R2: 58,741
R3: 59,335
📈 Market Outlook
✅ Bullish Scenario:
If Bank Nifty sustains above 57,897, a move toward R1 (58,259) can be expected. Sustained strength above this level may open the path toward R2 (58,741) and R3 (59,335) in the near term.
❌ Bearish Scenario:
If the index falls below 57,656, short-term weakness may drag it toward S1 (57,297), followed by S2 (56,819) and S3 (56,426). A weekly close below 57,200 could signal the beginning of a corrective phase.
Disclaimer: lnkd.in/ge86Wx-X
🔹 Key Levels for the Upcoming Week
📌 Price Action Pivot Zone:
57,656 to 57,897 – This blue-shaded range marks the key decision area. Sustaining above this zone may invite renewed buying interest, while a close below could lead to mild profit booking.
🔻 Support Levels:
S1: 57,297
S2: 56,819
S3: 56,426
🔺 Resistance Levels:
R1: 58,259
R2: 58,741
R3: 59,335
📈 Market Outlook
✅ Bullish Scenario:
If Bank Nifty sustains above 57,897, a move toward R1 (58,259) can be expected. Sustained strength above this level may open the path toward R2 (58,741) and R3 (59,335) in the near term.
❌ Bearish Scenario:
If the index falls below 57,656, short-term weakness may drag it toward S1 (57,297), followed by S2 (56,819) and S3 (56,426). A weekly close below 57,200 could signal the beginning of a corrective phase.
Disclaimer: lnkd.in/ge86Wx-X
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.