Bank Nifty Closing: Neckline Zone Comes Into View
Bank Nifty held the 56,270 support and moved above 56,380, going on to hit the 56,550 resistance objective, settling near that level at 56,548.90. RSI at 56.50 holds above the midline, supportive of the constructive tone after the index sustained its move into the resistance zone. Also visible on the chart is a Inverse Head & Shoulders structure, with the neckline placed near the 56,700-56,56,600 zone — a break and sustained close above this neckline could open the path for a more meaningful move in the index.
Resistance: 56,700, then 56,880. Support: 56,500-56,400 cluster, then 56,290 and 56,050.
The 56,500-56,400 zone is the support cluster to track. As long as the index holds above this, there's a chance of a move toward 56,700, with 56,880 as the next objective and the neckline test in focus above that. A sustained close below 56,400 would put bears back in control, with 56,290 as the first objective and 56,050 as the extreme support.
