BANKNIFTY Technical Analysis - Important levels📌 BANK NIFTY – Recovery Approaching Supply With Constructive CPR Undertone
BANK NIFTY has rebounded sharply from its recent swing low near the 59,600 demand zone, signalling responsive buying interest at lower levels but stopping short of confirming a full trend reversal. The index is currently trading around 60,100–60,120, where it is beginning to test an important overhead supply region. Immediate resistance is placed at 60,298.78, followed by a stronger resistance band near 60,400–60,480, which aligns with prior rejection areas and a developing supply zone within the broader descending structure. A higher resistance is visible at 60,804.13, marking the level that would need to be reclaimed for stronger bullish continuation.
On the downside, immediate support is positioned at 59,793.43, while deeper supports are seen at 59,466.32 and 59,288.08, forming a layered demand base that could absorb short-term volatility. The chart clearly highlights a primary demand zone around 59,600–59,750, whereas the supply zone is concentrated near 60,300–60,450, suggesting the index is currently travelling between value pockets rather than trending decisively.
From a CPR perspective, the structure remains narrow and positioned in a bullish zone, indicating potential for expansion once a directional trigger emerges. However, the dashboard also reflects low momentum and a wait-and-watch tone, implying that the market is stabilising after volatility rather than entering an impulsive move.
Overall, BANK NIFTY appears to be in a range recovery within a broader corrective framework. Sustaining above the 59,800–59,900 region keeps the short-term tone stable, but a decisive breakout above 60,400+ is essential to shift sentiment toward bullish continuation. Until then, rotational movement between demand and supply zones is likely.
📊 Market sentiment for financials remains balanced. Stable domestic liquidity conditions and resilient credit growth provide a supportive backdrop for banking stocks, yet rising yields and intermittent profit booking near higher levels continue to limit aggressive upside participation.
🔎 Probabilistic Tilt Based on Levels & Environment:
Bullish Scenario: A sustained move above 60,300–60,450 could trigger momentum toward 60,800, signalling strengthening institutional participation.
Neutral / Choppy Scenario: Holding between 59,600–60,400 would indicate consolidation as the index digests recent recovery.
Bearish Scenario: Failure to hold 59,793 may drag the index back toward 59,450–59,300, especially if broader market sentiment weakens.
⚠️ Disclaimer:
This content is shared purely for educational and informational purposes to enhance market understanding. It should not be construed as investment, trading, or financial advice. Market conditions can change rapidly, and past price behaviour does not guarantee future outcomes. Please consult a SEBI-registered financial advisor before making any investment or trading decisions, and ensure appropriate risk management at all times.
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