Bank Nifty – “Approaching the Edge: Will 58K Hold or Fold?”Date: October 12, 2025
Current Price: ₹56,609.75
Bias: 🔼 Short-Term Bullish, 🔽 Medium-Term Cautious
Market Snapshot
Bank Nifty continues its upward march, closing at 56,609.75. The index is nearing a critical resistance zone around 58,000 to 58,800, which aligns with October’s forecast high. Momentum remains positive, but traders should be alert for signs of exhaustion or reversal.
Key Technical Levels
Support 1: ₹55,835 Strong base from recent consolidation
Support 2: ₹55,300 (Monthly forecast low at 53,000)
Resistance 1: ₹57,200 - 57,650 (Cup & Handle and Fib Targets ceiling)
Resistance 2: ₹58,100 – 58,800 (Forecast high and psychological barrier)
Trade Setup
Bullish Play
Entry: ₹56,650–₹56,800 (post-breakout confirmation)
Target 1: ₹57,200
Target 2: ₹58,800
Stop Loss: ₹55,700
Bearish Contingency
Entry: Below ₹55,700
Target: ₹54,500
Stop Loss: ₹56,200
Strategy Notes
Cup & Handle breakout aligns with Fibonacci extensions and forecast highs
Watch for reversal signals near ₹58,000 to 58,800 zone
Banking earnings, RBI commentary, and global bond yields are key catalysts
USDINR and Nifty 50 correlation may influence sentiment
Watch for rejection near ₹58,800 zone — potential for profit booking
Conclusion
Bank Nifty has triggered a textbook Cup & Handle breakout on the 1H chart. With Fibonacci targets pointing toward ₹58,800, bulls have a clear runway — but volatility may spike near forecast highs. Stay tactical, trail stops, and ride the wave.
