Bank Nifty Weekly: Golden Cross Emerges, 59,100 Key Hurdle

Bank Nifty closed the week at 57,761.95, up 0.46%, holding above the 200 SMA (57,457) for a tenth straight week of range compression. The key new development: a Golden Cross, with the 50 SMA (57,600) crossing above the 200 SMA — a classically bullish structural shift after weeks of sideways chop. RSI recovered to 53.72 from 49.98, the first reading in weeks showing real conviction rather than sitting neutral. The range remains unresolved though — the Gartley harmonic pattern's D-point resistance at 59,100 has not been tested on a closing basis and remains the ultimate ceiling. 58,500 (descending trendline) is the intermediate hurdle before that test. As long as 57,457 holds, bias stays sideways-to-positive; a close back below it would call the Golden Cross into question and reopen 56,023 as the downside level to watch.

is trading above both its 50 and 200 SMA and has broken above its multi-month descending trendline resistance, closing at 1,420 (RSI 50.45) — a setup that mirrors the index's own constructive shift. A Golden Cross is a lagging signal that confirms a shift in trend character rather than triggering a breakout — its real significance comes from cross-checking it against actual price action and RSI, which is what makes this week's combination meaningful rather than just one indicator in isolation. Disclaimer: For educational purposes only, not investment advice. Please do your own due diligence or consult your advisor before investing. SEBI Registered Research Analyst — INH000025212