Bank Nifty prediction next week: The Bank Nifty index opened with a gap-up, maintaining a strong positive momentum throughout the session. On Friday, the index settled on a bullish note at 51,002.
Bank Nifty has formed a strong bullish candle on the weekly chart, signaling a shift in sentiment and potential trend continuation on the upside.
The index respected previous support zones and bounced. This weekly breakout attempts to build a base above the key psychological mark of 51,000, and as long as this zone holds, the trend bias remains positively tilted.
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Nifty Bank Chart
Forming a big bullish candle on both daily and weekly charts, technically, the Bank Nifty index decisively crossed the key resistance zone of 50,750–50,800, reflecting underlying strength. On the daily chart, Bank Nifty has printed an Inverted Hammer candlestick, typically a reversal signal when seen after a strong up move.
While it doesn’t confirm a reversal alone, it does indicate possible exhaustion in bullish momentum in the very short term, as per market analyst Vipin Dixena.
The index is trading comfortably above its key short-term (20-DMA, 50-DMA) and long-term (200-DMA) moving averages, said the analyst.
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Bank Nifty resistance and support level
As per market analyst Vipin Dixena, immediate support lies at 50,725, followed by a stronger base near 50,500. These levels will be crucial for bulls to defend in order to maintain the current structure. A clear hurdle is seen at 51,200.
“A breakout above this zone with volume could open the doors towards 51,500–51,750 in the near term,” Dixena added.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company) said, the breakout level of 50,750 will now act as immediate support, and as long as the index sustains above this level, it has the potential to rally towards 51,500–52,000.
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“Hence, traders are advised to adopt a "buy on dips" strategy,” said Yedve. While Dixena added “traders should watch for confirmation candles in the next session to validate any change in direction.”