Bank Nifty Holds Range; HDFC Bank Hammer near support
Bank Nifty extended its recovery attempt from the falling-wedge structure visible on the chart, pushing up toward the 56,500 resistance zone before pulling back to settle at 56,358. This keeps the index within the broader 56,000-57,000 range flagged in our weekly view. RSI at 56.14 holds above the midline, consistent with the constructive tone built up since the recovery off the 55,699 low.
Resistance: 56,540, then 56,750. Support: 56,250-56,350, then 56,120 and 55,880.
Support is placed at 56,250-56,350 for the day. As long as this holds, bulls may attempt another push toward 56,540, followed by 56,750 — a sustained break above which would strengthen the case for testing the converging 50/200 SMA cluster near 57,300-57,344. A break below 56,250 would mean a slip back toward 56,120, with 55,880 as the next support in that scenario.
