Session Highlights
Nifty Bank extended its rally for the third consecutive session, reaffirming strong bullish momentum in the banking space. After brief intraday profit booking, the index rebounded sharply from key support levels and witnessed sustained buying interest.
The index settled 376.80 points higher at 61,550.80, inching closer to its all-time high of 61,764 while maintaining a firm upward structure.
Technical View: Momentum Builds Near Record Territory
- Higher-Low Formation: Reflects structural strength and consistent demand on declines.
- Above 10 & 20-day EMAs: Signals sustained short-term upward momentum.
- RSI Above 60: Confirms bullish strength with room for further upside.
- Key Holding Level: 61,500 acting as immediate pivot support.
With price sustaining above 61,500, a decisive breakout beyond 61,750 could pave the way for fresh record territory.
Derivatives Snapshot: Strong Put Writing Support
Options positioning continues to favor bulls, though near-term resistance is visible.
- 62,000 Call OI: 8.35 lakh contracts — immediate resistance
- 61,000 Put OI: 12.38 lakh contracts — strong demand cushion
- Put–Call Ratio (PCR): 1.46 — reflects dominant put writing
The elevated PCR indicates optimism; however, stretched readings may also signal potential short-term profit booking before the next expansion.
Key Levels to Watch
- Immediate Support: 61,500
- Major Support Base: 61,000
- Breakout Zone: 61,750
- Upside Trigger: Sustained move above 61,750 → New all-time highs
Strategy & Outlook
The broader setup continues to favor a “Buy on Dips” strategy.
- As long as 61,500 holds, declines are likely to attract fresh accumulation.
- A sustained breakout above 61,750 could trigger short covering and accelerate upside momentum.
- Banking sector leadership remains a key pillar supporting broader market strength.
Unless key support levels are breached, the bullish bias remains intact with potential for expansion into uncharted territory.
Easy & quick
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