BANK NIFTY ANALYSIS — CMP: 59,484 (Chart ➤ Rising upward channel but price testing lower boundary)
📌 Technical View Indicator Signal Meaning Price vs Trendline At lower channel support Bounce possible Short-Term MA Price below 9 & 20 EMA Weakness in short-term RSI Near 40 Close to oversold — reversal zone Trend Higher High – Higher Low Long-term bullish structure intact
👉 Market is showing pullback mode, NOT trend reversal yet — key level: 59,200.
🧱 Support & Resistance Levels Zone Type Levels Immediate Support 59,200 Major Support 58,850 → 58,500 Immediate Resistance 59,950 → 60,200 Major Resistance 60,500 → 60,750 → 61,050
🎯 Trade Setup ✔ Buy if Index holds above 59,300 Target Level T1 59,750 T2 60,200 T3 60,500 → 60,750
🛑 Stop Loss: 59,150
Ideal for pullback / trendline support bounce trading.
❌ Sell Only If Breakdown Below 59,150 Target Level T1 58,850 T2 58,500 T3 58,200
🛑 Stop Loss: 59,650
Breakdown confirmation candle required — avoid early entry.
⏳ Timeframe View Duration Trend Expectation Short Term (1–3 Days) Neutral to Bearish Possible dip toward 59,200–58,850 then reversal Medium Term (2–6 Weeks) Bullish Targets: 60,750 → 61,500 Long Term (1–6 Months) Strong Bullish Upside potential: 63,000 → 65,000
📊 Fundamental View Factor Impact Banking Credit Growth ⚡ Strong PSU Bank Strength 🔥 Outperforming private banks Rate Cycle Stable → Favorable for banks FII/DII Activity Mixed but controlled
Corporate loan book expansion improving momentum.
Liquidity conditions supportive.
No major macro risk at present.
➡️ Fundamentals support a buy-on-dips strategy.
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