Bank Nifty Clears 54,650; 55,135 Next to Watch

Bank Nifty extended its recovery today and moved to around 54,910, above the 54,650 hurdle that had acted as resistance earlier this week on the hourly chart. With that level cleared, the next resistance zones are 55,135 and then the falling trendline near 55,340. That trendline has capped rallies since the mid-October high near 56,130. It will be interesting to see whether today’s momentum carries into the next session and whether the index can approach the trendline. 54,650 now becomes the level to watch as potential support, and a close back below it would weaken the setup. Kotak Mahindra Bank,

and PNB were the top performers in Bank Nifty today. That points to participation from both private and public sector banks after the Fed decision put the sector in focus. Resistance zones often see profit booking, so how price behaves near 55,135 and the trendline, and whether volume supports the move, is worth observing. When a resistance level is cleared, it often becomes the first support to watch; the next resistance zones show where the move may face a test. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212. Source: NSE data for top Bank Nifty gainers and Bank Nifty 1-hour chart Trading View (own analysis)