Nifty Bank Slips Modestly; Profit-Taking Emerges Near 60,000

Nifty Bank witnessed mild profit-taking and closed the session at 59,891.35, down 0.34%, as the index failed to sustain above the crucial 60,000 psychological mark following the recent up-move. The pullback appears more corrective in nature rather than a trend reversal, with selling pressure remaining controlled.

Price Action: Healthy Pause at Higher Levels

On the daily chart, Nifty Bank formed a bearish candle near higher levels, signaling profit-booking rather than aggressive distribution. The presence of a long lower shadow highlights continued buying interest at lower levels, even as sellers remain active near the 60,000 resistance zone.

From a trend perspective, the broader structure remains constructive. The index continues to trade above its 20-day and 50-day moving averages, while the daily Supertrend remains intact, indicating that the primary trend continues to favor bulls. However, the slip below the mid Bollinger Band suggests a pause in bullish momentum and points toward short-term consolidation or a mild corrective phase, rather than an immediate resumption of the uptrend.

Momentum Indicators: Cooling, Not Weakening

Momentum indicators present a mixed but stable picture:

• Daily RSI has cooled to the 57–58 zone, reflecting moderation in upside momentum after the recent rally, while still remaining comfortably above the neutral 50 mark
  
  
• MACD remains below the zero line, indicating that momentum has not fully transitioned into a strong bullish phase; however, the lack of sharp widening suggests that downside momentum is not accelerating, keeping the correction orderly
  
  

On the hourly chart, Nifty Bank continues to display resilience. The index is holding above the short-term rising trendline and remains above the hourly Supertrend, reinforcing the view that buyers are actively defending declines. The 59,600–59,550 zone has emerged as a key near-term demand area, with consistent buying interest seen during intraday dips.

Derivatives & Options View: Balanced but Supportive

Derivatives data further supports a range-bound yet resilient setup.

• The highest Call open interest is concentrated at the 60,000 strike, with Call writers holding around 14.87 lakh contracts, clearly establishing this level as a strong resistance zone
  
  
• On the downside, the 59,500 strike holds the highest Put open interest, with Put writers at approximately 15.50 lakh contracts, making it a critical support level
  
  

The strength of Put writing suggests that participants remain confident about defending declines near this zone, reinforcing the view that downside risk may remain limited unless there is a meaningful shift in sentiment.

The Put–Call Ratio (PCR) stands at 0.99, indicating a well-balanced options structure with no extreme positioning bias.

Outlook: Consolidation Likely to Continue

• Immediate support: 59,600–59,550
  A sustained break below this band could expose the index toward 59,300, though such a move would likely require unwinding of Put positions.
  
  
• Immediate resistance: 60,100–60,200
  A decisive close above this zone, accompanied by Call unwinding, would be essential to regain upward momentum and reattempt the all-time high near 60,437.35.
  
  

Conclusion

Overall, Nifty Bank appears to be in a healthy consolidation phase following its recent rally. Supportive moving averages, a steady PCR, and a strong Put base suggest that the index is correcting through time rather than price. Until a clear breakout above 60,200 or a breakdown below 59,500 materializes, Nifty Bank is likely to remain range-bound with a mild corrective bias, rather than entering a fresh directional trend.