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.
Fibonaccitargets
BIRLACABLE - Cup & Handle Breakout | Daily Chart📊 BIRLA CABLE LTD (BIRLACABLE) – Cup & Handle Breakout with Fibonacci Targets | RSI Overbought | Volume Spike | Daily Chart
📅 Chart Date: June 18, 2025
📈 CMP: ₹208.05 (+14.11%)
📍 Ticker: NSE:BIRLACABLE
🔍 Technical Chart Breakdown
☕ Cup & Handle Pattern Breakout
BIRLACABLE has confirmed a Cup & Handle breakout above the neckline at ₹197.88 (also 38.2% Fibonacci retracement level), suggesting bullish continuation after a long consolidation. The breakout is clean with a wide bullish candle.
📐 Fibonacci Retracement Levels (from swing high ₹315.10 to swing low ₹125.41)
38.2% (Breakout Zone): ₹197.88 ✅
50.0%: ₹220.26
61.8%: ₹242.64
78.6%: ₹274.50
Target: 100% Fibonacci: ₹315+
💹 RSI & Momentum
RSI at 73.75, entering overbought territory 🔼
Multiple RSI bullish crossovers visible during base formation
RSI suggests strong buying momentum, ideal for trend continuation
📉 Trendline Breakout
Downtrend resistance (dotted line) broken along with horizontal neckline
Aligns with volume-based breakout, confirming strength
🕯️ Volume Confirmation
Huge spike in volume (4.44M) on breakout day — highest in months
Suggests institutional or smart money activity
📍 Key Price Levels
✅ Breakout Level: ₹197.88
🚀 Fibonacci Targets:
₹220.26 → 50%
₹242.64 → 61.8%
₹274.50 → 78.6%
₹315+ → 100% (Full target)
🛡️ Support Levels:
₹197 (neckline support)
₹170.18 (23.6% Fib)
₹150 (handle base)
💡 Trading Idea
Entry: Close above ₹198 or on retest of neckline
Stop Loss: Below ₹185 or ₹170
Targets: ₹220 → ₹243 → ₹275 → ₹315
Risk-Reward: Favorable with strong confirmation
ZENSAR TECHNOLOGYNSE:ZENSARTECH
ZENSAR TECHNOLOGY was taking support at 200 & finally giving a good weekly breakout above 250.
Volumes is also increased recently.
The target according to Fibonacci Levels are - 1) 310. 2) 366. 3) 435.
Buy at current price, SL should be below 200 on weekly closing basis.


