NIFTY Bank Range-Bound; 61,000 Emerges as Equilibrium Zone

Market Overview: Consolidation Near Recent Highs

Nifty Bank traded in a narrow band and closed 144.35 points higher at 61,187.70, forming a small-bodied candle that reflects consolidation near recent highs.

The index continues to hold firmly above its:

• 10-DEMA: 60,980
• 20-DEMA: 60,650

This sustains the higher-high, higher-low structure, keeping the short- to medium-term trend constructive.

Key Technical Levels

 Immediate Support

• 60,980–60,650: Near-term cushion (10 & 20-DEMA zone)
• 60,500: Stronger base support
• Below 60,650: Risk of profit booking toward 60,000

 Resistance Zone

• 61,400–61,700: Stiff supply band
• Sustained close above 61,700 could trigger momentum toward
  • 62,000–62,300

The index is currently oscillating within a defined range, awaiting a decisive breakout.

Momentum Indicator

• RSI near 58–59
  • Reflects constructive undertone
  • Not yet signaling strong breakout momentum

Momentum supports the bullish bias but lacks acceleration.

Derivatives & OI Setup

• PCR around 1.09: Balanced-to-positive undertone
• Heavy Open Interest at 61,000 strike → Key equilibrium level
• Strong put writing at 60,500–60,000 → Downside cushion
• Call buildup at 61,500–62,000 → Overhead resistance

The current options structure suggests a broader 60,500–61,500 trading range, with aggressive unwinding on either side likely to determine the next directional move.

Outlook

Nifty Bank remains in controlled consolidation with a mild bullish bias as long as it sustains above 60,650–60,500.

• Above 61,700: Fresh breakout toward 62,000+
• Below 60,650: Risk of corrective move toward 60,000

For now, 61,000 stands out as the equilibrium pivot, with the next major move contingent on a range breakout.