Bank Nifty Weekly: 53,750 Key; ICICI Bank Stalls

Bank Nifty closed the week at 54,287, down 2.79%, after failing to clear the 56,200 Falling Window resistance, which sits close to the 50-day (56,260) and 200-day (56,843) averages. RSI fell to 37.73 from 51.91, below the midline. The 53,750 support is the level to watch on a closing basis, with the Gartley C-point zone (52,640-53,000) below it. Resistance: 54,900-55,000 first, then 56,200. Options (Sensibull, 23 Oct, 27 Oct monthly expiry): PCR is 0.87, with Call OI (2.48 Cr) ahead of Put OI (2.16 Cr), and call additions are outpacing puts. Max Pain is at 55,000.

(4H) moved above the 1,360 area in mid-October, rose to about 1,412 and has since stalled, trading near 1,384 with RSI at 56.83. Two paths are in view. One is a move towards 1,420, where a falling trendline from the July high sits. The other is a throwback to 1,360, the broken level. Which one comes first will show how the breakout is holding. After a breakout, price often stalls and either pushes on or retests the broken level; watching which happens first helps judge the quality of the move. 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.