Updated May 18, 2025 19:30 IST
Bank Nifty prediction for Monday (iStock)
On expected lines buying demand emerged on Thursday session from near the support area of 54500-54000, the brokerage house noted. So, will the index hit 56,500?
Nifty Bank outlook
“The index is showing strong bullish momentum on the weekly chart,” said analyst Vipin Dixena.
On the other hand, as per Bajaj Broking the index will likely maintain positive bias and gradually head higher towards 56,400 levels in the coming sessions being the 123.6% external retracement of the recent breather (56194-53585).
Noting that the index has taken 15 sessions to retrace just 38.2% of the prior 9-session rally (49,157–56,098), Bajaj Broking said the index is indicating a shallow pullback during current correction and an overall positive bias.
On the other hand, analyst Vipin Dixena said while the price is trending sideways, it remains well-supported above the 50-day EMA, showing that buyers are still in control. Meanwhile, a decisive breakout above the current range is needed to resume upward momentum.
Nifty Bank prediction
“Overall, the structure remains bullish, with consolidation acting as a possible setup for the next leg higher. Traders should wait for a clear breakout above the consolidation zone before entering aggressive long positions,” said Dixena.
A sustained move above 55,500 could lead to higher levels around 56,200 to 56,500, as per Dixena.
Nifty Bank RSI
The daily 14 period RSI is at the cusp of generating a buy signal moving above its nine periods average highlighting strength and supports positive bias, as per Bajaj Broking.
On the other hand, analyst Vipin Dixena noted, “RSI is at 61.05, suggesting healthy bullish strength without reaching overbought levels. This supports the potential for continuation, but confirmation through price action is essential.”
Nifty Bank support and resistance
Key support for the short-term point of view is placed at 54,500- 54,000 being the confluence of the Monday’s gap area and 20-day EMA, said Bajaj Broking.
Hrishikesh Yedve noted “On the upside, the index is facing strong resistance near 55,500. If the index sustains above this level, it could move towards 56,000–56,100 levels. On the downside, 54,440 will act as strong support.”
Traders should closely monitor these levels for potential trading opportunities.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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