Nifty Sustains Gains with Volatility Subdued; Bank Nifty Holds Above Key Levels

The Nifty index began the session with a strong gap-up and managed to sustain gains throughout the day, signalling steady buying interest across sectors. The benchmark closed at 26,172.40, up 0.79%, forming a bullish candle on the daily chart—an indication of sustained upward momentum after the recent pullback.

Nifty Technical Overview: Higher Highs Signal Trend Continuation

On the hourly timeframe, Nifty continues to form a sequence of higher highs, reinforcing the continuation of the prevailing uptrend. The index is currently trading above all major moving averages, with short-term averages turning upward—suggesting improved buying traction.

Key momentum indicators also support the positive structure:

• RSI is rising toward the 58 zone, holding comfortably above the midpoint.
• MACD histogram is narrowing, indicating waning downside momentum.

The recent decline found support near 26,085, aligning with the 61.8% Fibonacci retracement, from where the index has bounced higher. The next upside level to monitor is 26,325, corresponding to the 78.6% retracement, which acts as a critical resistance zone.

Importantly, India VIX ended at 9.68, remaining well below its equilibrium range. As long as VIX stays below 12, volatility is expected to remain subdued.

Key Support & Resistance Levels for Nifty

• Immediate support: 26,000
• Stronger support: 25,950
• Crucial resistance: 26,200
• Next upside target: 26,300 and potentially a new all-time high on sustained strength

A decisive hold above 26,200 could open the door toward 26,300, shifting sentiment firmly in favour of the bulls.

Bank Nifty Stabilizes; Regains Key Moving Averages

The Bank Nifty index ended at 59,304, gaining 0.40%, as the index stabilised after a phase of consolidation. The daily chart reflects a steady positive close, supported by a well-formed base.

Bank Nifty has regained both the 9-EMA and 20-EMA, signalling that selling pressure is gradually easing. The index is also sustaining above a declining trendline, reinforcing the short-term constructive outlook.

Fibonacci Levels Strengthen the Structure

Bank Nifty is holding:

• 38.2% retracement: near 59,250 (acting as a near-term pivot)
• 50% retracement: around 59,400
• 61.8% retracement: near 59,570

These levels will be key markers for the next directional move.

Momentum indicators provide a neutral-to-positive bias:

• RSI is placed around 56, comfortably above the midpoint.
• MACD remains below the signal line, but the negative histogram is contracting, showing easing downward momentum.

On the hourly chart, the index is forming higher highs, with 59,200 acting as immediate intraday support.

Bank Nifty Support & Resistance Levels

• Major support: 59,000
• Immediate support: 59,200
• Key resistance zone: 59,400–59,570
• Upside target: 59,800 on a sustained breakout

A clear move above 59,400–59,570 could accelerate the rally toward 59,800 in the coming sessions.