NIFTY Bank in Controlled Pause; Breakout Awaited Above 61,700

Market Overview: Healthy Consolidation

Nifty Bank declined 216.95 points (-0.35%) to close at 61,047.30, yet continues to show resilience. The index is sustaining above its rising:

• 10-DEMA: 60,900
• 20-DEMA: 60,550

This suggests the short-term uptrend remains intact despite the ongoing consolidation.

The broader structure continues to reflect a higher-high, higher-low pattern on the daily chart, indicating that the current move is more of a time-wise correction rather than a price reversal.

Technical Structure & Key Levels

Support Zone

• 60,900–60,550: Immediate DEMA support band
• 60,500: Crucial breakdown level
• 60,000: Next major support if profit booking accelerates

A decisive break below 60,500 could trigger deeper retracement toward 60,000.

Resistance Zone

• 61,400–61,700: Key supply area
• Sustained close above 61,700 needed for fresh bullish momentum

Momentum Indicators

• RSI near 58: Reflects positive undertones
• Lacks strong breakout confirmation
• Structure still favors mild bullish bias while above 60,500

Derivatives Outlook: Strong Put Support

Options data suggests range-bound action with bullish undertones:

• PCR at 1.19: Indicates stronger put writing and supportive sentiment
• 61,000 strike: Heavy Call & Put OI — equilibrium zone
• Call OI at 61,500 & 62,000: Caps upside
• Put OI at 60,500 & 60,000: Strong support cushion

The current OI positioning signals a well-defined 60,500–61,500 range, with expansion likely only on aggressive unwinding on either side.

Outlook

Bank Nifty remains in a controlled consolidation phase with a mild bullish bias as long as it sustains above 60,500.

A sustained breakout above 61,700 could open the door toward fresh highs, while a breach below 60,500 may shift the tone to corrective.