Nifty and Bank Nifty overview for Monday:
📈 Nifty 50 Outlook
The general near-term sentiment is often described as Sideways to Bullish
, suggesting potential consolidation with a positive bias, as the index is holding above key support zones.Key Resistance:
The immediate hurdle is around the 26,000 – 26,050 zone.
A strong breakout and close above this level could open the path toward 26,100 and potentially 26,250 – 26,400.
Key Support:
Immediate support is seen around 25,800 – 25,750.
The crucial support level for maintaining the bullish sentiment is around 25,700. A sustained break below this could invite profit-booking.
Range: The likely trading range is anticipated to be between 25,750 and 26,050.
🏦 Bank Nifty Outlook
Bank Nifty has shown relative strength and the overall technical setup is also considered Sideways to Bullish, especially as it attempts a fresh breakout.
Key Resistance:
Immediate resistance is around 58,600 – 58,800.
A decisive move above 58,600 could confirm a potential bullish flag pattern and set the stage for a rally toward 59,000 and potentially 60,000.
Key Support:
The strong immediate support is at 58,200 – 58,000.
Holding above the 58,000 mark is crucial for maintaining the positive sentiment.
Range: The likely trading range is anticipated to be between 58,200 and 58,800.