Record-High Test Meets Resistance; Nifty Bank Holds Firm Above 58,500 Support

Nifty Bank closed at 58,899.25, down 0.11%, after briefly hitting a new all-time high of 59,103.65 earlier in the session. The index opened with strength but cooled off later in the day, easing from the upper Bollinger Band and showing clear hesitation near the psychologically significant 59,100 mark, where buying momentum repeatedly stalled.

Trend Structure Remains Strong Despite Intraday Cooling

The broader technical setup for Nifty Bank remains firmly bullish:

• The index continues to trade well above the 9-EMA and 20-EMA, keeping the short-term trend intact.
  
  
• Nifty Bank is positioned above the middle Bollinger Band, indicating that minor intraday dips are part of a healthy rally.
  
  
• RSI near 65 reflects strong momentum without being overbought.
  
  
• The MACD remains steady, not signaling weakness, but is yet to trigger a fresh directional expansion.
  
  

Overall, the underlying trend remains upward, supported by consistently higher highs and higher lows.

Derivatives Snapshot: Well-Defined Range Between 58,500 and 59,000

The options data creates a clean and structured trading range for Nifty Bank:

• 59,000 strike holds the highest Call OI (14.21 lakh contracts), confirming it as a major resistance zone.
  
  
• 58,500 strike has the highest Put OI (16.86 lakh contracts), establishing it as a solid support base.
  
  

This setup suggests near-term oscillation between 58,500–59,000, unless a breakout occurs.

The Put–Call Ratio (PCR) stays firm at 1.11, signaling:

• A mildly bullish undertone
  
  
• Strong put writing
  
  
• Traders are continuing to adopt a “buy-on-dips” approach rather than preparing for a correction
  
  

Market Outlook: 58,500 Holds Key; Break Above 59,100 Needed for Next Rally

• Immediate support lies between 58,600 and 58,500, a zone that has consistently attracted buyers.
  
  
• On the upside, the 59,000–59,100 cluster may continue to cap rallies unless the index closes decisively above 59,100.
  
  
• A sustained breakout above this zone could trigger the next leg of upside toward higher targets.
  
  

Given current price action and derivatives positioning, a mild pullback or mean reversion is possible in the short term. However, as long as Nifty Bank holds above its key support levels, the broader trend remains firmly in favor of the bulls.