Twin Peaks Rising: Nifty and Bank Nifty Sustain Bullish Momentum

Both the Nifty and Bank Nifty indices extended their winning streaks, registering strong gains and reinforcing the bullish undertone in the broader market. Optimism around global cues and continued sectoral strength has helped sustain momentum, with dips being readily absorbed by buyers.

Nifty: Firmly Above Key Levels

The Nifty ended the session at 25,330.25, up 0.36%, forming a bullish candle on the daily chart. This marked a decisive close above the 25,300 level, which had previously acted as a strong resistance.

• The index now trades above all key moving averages, with short-term averages crossing positively to support further upside.
  
  
• The hourly chart structure of higher highs and higher lows over the past two weeks further confirms the ongoing uptrend.
  
  
• Momentum indicators remain supportive: the RSI stands at 66 with an upward slope, while the MACD line remains positively aligned with the signal line.
  
  

From a broader perspective, the Nifty has not only reclaimed earlier resistance levels but also established them as new support zones—reinforcing market strength.

• Immediate support: 25,150, followed by 25,100.
  
  
• Immediate resistance: 25,500.
  
  

As long as these bases hold, dips are expected to attract buying interest.

Bank Nifty: Riding Strong on PSU Bank Leadership

The Bank Nifty extended its winning streak to the 11th consecutive session, closing at 55,493.30, up 0.63%. The index printed a strong bullish candle on the daily chart, signaling sustained upside momentum.

• The index is moving closer to the upper Bollinger Band, though its expansion indicates further room for volatility and trend continuation.
  
  
• A breakout above the 50-DMA and 100-DMA confirms improving strength.
  
  
• The RSI has advanced to 59, maintaining a steady upward slope, while the ADX at 22 suggests that while the trend is positive, the strength of the move is still developing.
  
  

The Nifty PSU Bank index added 2.61%, further fueling the rally and highlighting strong participation from state-owned banks.

• Support: 55,000, aligning with the mid-Bollinger Band.
  
  
• Resistance: 55,850–56,000. A breakout above this band could open the doors for higher levels.
  
  

As long as Bank Nifty holds above 54,800, the outlook stays bullish, with dips expected to present opportunities for accumulation.

Outlook: Bulls in Control

The simultaneous strength in Nifty and Bank Nifty paints a constructive picture for the market. With both indices firmly above their key supports and momentum indicators skewed positively, the bias remains upward. While minor consolidations may emerge near resistance zones, the broader setup favors a buy-on-dips strategy.