Stock Market Updates: Bank Nifty View
Resistance based on pivot points: 59,087, 59,165 and 59,292
Support based on pivot points: 58,834, 58,756 and 58,630
Resistances based on Fibonacci Retracement: 59,455, 60,875
Support based on Fibonacci retracement: 58,636, 58,287
Bank Nifty formed a bearish candle with upper and lower shadow on the daily chart, showing indecision between bulls and bears. The banking index remained below the short-term moving averages (10- and 20-day EMA) and the midline of the Bollinger Bands, while momentum indicators remained bearish, with the RSI falling to 48.5. MACD also remained below its reference line with continued weakness in the histogram. All these signs indicate short-term uncertainty and bearish trend in Bank Nifty.