Record Highs for Nifty Bank; Bullish Structure Intact With Eyes Set on 60,000

Nifty Bank extended its upward momentum and closed at 59,216.05, gaining 0.54%, while marking a fresh all-time high after surpassing its previous peak of 59,103.65. The index opened on a strong note and continued its steady upward drift through the session, closing near the day’s high, a clear sign of persistent buying strength.

The short-term trend remains firmly anchored to the upside, supported by consistent institutional participation and a robust technical structure.

Technical Overview: Uptrend Stays Strong

Nifty Bank remains positioned comfortably above the 9-EMA and 20-EMA, both of which are clearly sloping upward. This alignment confirms solid short-term momentum and a resilient price structure.

The index is also tracking its Fibonacci projection, with the next upside target placed near 59,450, corresponding to the 1.618 extension of the most recent swing. This level is likely to act as the next key hurdle in the near term.

Momentum Indicators

• RSI at 72 – showing strong momentum without signs of immediate exhaustion.
  
  
• No bearish divergences detected, keeping the uptrend intact.
  
  

Derivatives Snapshot: Bulls Maintain Strong Control

Derivatives data reinforces the bullish structure:

Strong Put Writing at Key Levels

• The 59,000 strike has seen heavy Put writing with 13.72 lakh OI, establishing it as a strong near-term support.
  
  
• The 58,800–58,700 zone now forms the broader cluster of support for the coming sessions.
  
  

60,000 Acts as Key Psychological Level

• The 60,000 strike also shows notable Put writing with 11.58 lakh OI, indicating that traders expect dips to get bought even near this level.
  
  
• However, it will still act as a psychological resistance zone in the short term.
  
  

Put–Call Ratio Steady

• PCR at 1.19 reflects a stable and optimistic sentiment among traders.
  
  

 Market Outlook: Pathway Toward 60,000

Nifty Bank now has strong support at 58,800–58,700, and sustaining above this range keeps the broader bias firmly bullish.

Upside Levels to Watch

• Immediate Resistance: 59,450–59,500 (Fibonacci target)
  
  
• Breakout Zone: Sustained move above 59,500
  
  
• Next Major Milestone: 60,000, the psychological round number
  
  

If the index manages a decisive close above 59,450–59,500, it could unlock a sharper upward move toward the 60,000 mark.