Nifty Bank ended the November series on a powerful note, scaling a fresh lifetime high of 59,866 and entering deep into uncharted territory. The index maintained its robust upward momentum with a steady pattern of higher highs and higher lows, reaffirming the strength of the ongoing bullish trend.
On Thursday, Nifty Bank advanced 209.25 points to close at 59,737.30, extending its constructive price action. The recent breakout zone has now become a dependable support band, while the index’s ability to stay above its 10-DEMA highlights persistent buying strength and sustained bullish momentum.
Technical View: Strong Bullish Bias as Index Approaches 60,000
From a technical perspective, Nifty Bank’s structure remains decisively bullish as it holds firm within uncharted territory. A follow-through above current levels may spark fresh short covering, opening the door to further gains.
The 10-DEMA around 59,000 remains a crucial demand zone, where the index has been consistently building a strong base.
Key Technical Levels
- Immediate Resistance: 60,000
- Next Resistance: 60,500
- Support Zone: 59,300 – 59,000 (buy-on-dips region)
The psychological mark of 60,000, which also holds significant call open interest, stands as the immediate hurdle. Given the prevailing chart setup, the index appears well-positioned to challenge and potentially break this level.
Momentum indicators are supportive as well; the 14-day RSI above 70 signals strong bullish vigour and reinforces the probability of continued upward traction.
Derivatives Snapshot: Option Data Shows Clear Bullish Control
The derivatives data paint a strongly positive picture for Nifty Bank.
- Put writers are aggressively adding positions at lower and ATM strikes.
- Call writers are unwinding and shifting to higher levels, suggesting further upside.
Key OI Levels
- Call OI: ~9.79 lakh contracts at 60,000 – significant resistance
- Put OI: ~11.81 lakh contracts at 59,000 – strong support base.
The Put-Call Ratio (PCR) remains stable at 1.16, reflecting a supportive bullish undertone in the derivatives market.
Market Outlook: Uptrend Strong; Dips Likely to Attract Buyers
Nifty Bank’s new all-time high on the final trading day of November underscores the continuation of its powerful upward trend. With the index firmly positioned within a constructive pattern of higher highs and higher lows, the broader market structure stays strongly positive.
A decisive breakout above 59,900–60,000 has the potential to:
- Trigger short-covering
- Strengthen bullish momentum
- Drive a move toward 60,500
On the downside, any pullback toward 59,300 is expected to attract renewed buying interest, keeping the overall trend firmly in favour of the bulls.
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