Bulls Tighten Grip as Nifty Bank Hits New All-Time High; Derivatives Cues Signal Further Upside

Nifty Bank ended the session at 58,962.70, advancing 0.76%, as the index registered a decisive breakout and even scaled a new all-time high of 59,001.55 during intraday trade. The index opened firm and sustained its strength throughout the session, forming a solid bullish candle that reaffirmed strong upward momentum. With Nifty Bank trading comfortably above its short-term moving averages and staying well-supported by the Supertrend indicator, the index continues to display a robust, trend-favouring structure.

Technical Overview: Strong Momentum Supports the Uptrend

The momentum indicators further validate the strong bullish bias:

• RSI has surged to 71, indicating firm buying interest and strengthening momentum.
  
  
• MACD remains in positive territory, confirming the continuation of the uptrend.
  
  

The nearest support cushion lies at 58,500–58,350, and as long as the index sustains above these levels, the broader tone remains decisively positive. On the upside, a sustained move above 59,000 opens the pathway toward the Fibonacci extension zone near 59,450, with potential for the rally to extend further in the coming sessions.

Derivatives Overview: Data Signals Continued Confidence

The derivatives setup continues to align with the bullish sentiment:

• The 59,000 strike holds the highest Call OI, making it a crucial resistance zone where supply pressure may emerge.
  
  
• The 58,500 strike hosts the highest Put OI, reflecting strong support and confident positioning from bullish participants.
  
  

This positions the market within a clear 58,500–59,000 sentiment range that is likely to guide near-term movement.

Adding to the positive outlook, the Put–Call Ratio (PCR) has jumped to 1.13 from 0.93, indicating rising optimism. Traders are aggressively adding puts and unwinding call shorts, a sign of increasing conviction toward further strength in Nifty Bank.

Market Outlook: Bulls Remain in Complete Control

The outlook for Nifty Bank remains constructive and strongly tilted to the upside. The breakout to new lifetime highs, supported by improving momentum indicators and bullish derivatives positioning, highlights the resilience of the current trend.

As long as the index holds above 58,500, dips are likely to invite fresh buying interest. A sustained move above 59,000 would reinforce the uptrend and pave the way for a swift rally toward 59,450, with potential for even higher extension levels in subsequent sessions.

With stable volatility and trend indicators aligning, the broader setup suggests that bulls continue to dominate, keeping Nifty Bank well positioned for further upward momentum.