Nifty 50, Bank Nifty show mixed signals amid key resistance levels

The Nifty 50 formed a bearish candlestick with noticeable upper and lower shadows on the daily chart, highlighting market volatility. The last two sessions shaped a near Tweezer Top pattern—typically a bearish reversal signal—though confirmation is awaited in the next session. Momentum indicators reflect a cautious optimism, with the RSI holding above 60 at 64.13 and the MACD maintaining a positive bias above the zero line.

Key Levels for Bank Nifty (51,565):

Resistance (Pivot Points): 51,772, 51,891, 52,084

Support (Pivot Points): 51,387, 51,269, 51,076

Resistance (Fibonacci): 51,883, 53,020

Support (Fibonacci): 50,273, 49,283

Technical Outlook:

Bank Nifty printed a Doji-like candlestick on the daily chart, signaling indecision between buyers and sellers. Despite this, the index continues to trade above all major exponential moving averages (5, 10, 20, 50, 100, and 200-day EMAs) and remains near the upper Bollinger Band, suggesting bullish momentum. The index slipped a marginal 11 points on Friday but posted a weekly gain of 1.92%, forming a bullish candlestick with an upper shadow on the weekly timeframe, supported by higher highs and higher lows formation.

Traders will watch for confirmation of the Tweezer Top in Nifty and further validation of bullish momentum in Bank Nifty as indices approach key resistance zones.