Why Support and Resistance Still Work: A Bank Nifty Case

We flagged in our reports that Bank Nifty's initial objective was 57,885, and that a failure to hold could see consolidation. Exactly that played out as visible in the chart: resistance held near 57,885, the index corrected after its opening gap-up, retested the 20 Aug opening gap near 57,239, and closed slightly higher at 57,525.95. This is a simple but powerful reminder: basic support and resistance, without complex indicators, can offer a genuinely reliable way to trade an index or any asset class. The flagged resistance capped the upside almost exactly, and the prior gap zone provided support on the retest — both classic technical roles played out in a single session. Stock to Watch:

is quietly trading above its multi-year falling trendline resistance, currently at 1,018.4. Support sits at 900, with upside potential toward 1,250 if the breakout sustains. RSI at 61.78 supports the constructive momentum shift. Learning Outcome: Previously broken resistance often turns into support on a retest, and previously respected support can cap declines — this simple principle, seen clearly in Bank Nifty's move today, is one of the most dependable tools in technical analysis. Disclaimer: For educational purposes only, not investment advice. Please do your own due diligence or consult your advisor before investing. SEBI Research Analyst Registration No. INH000025212