“The Bank Nifty index opened with a modest gap-up of 138.35 points at 56,704.05, reflecting a mildly positive start. It traded within a defined range throughout the session, marking an intraday high of 57,085.10 and a low of 56,356.55. The index eventually settled at 56,582.35, registering a marginal gain of 16.65 points or 0.03 per cent,” Gupta said, adding, “on the daily timeframe, the index formed a spinning top-like candlestick pattern, indicating indecision and a balance between buyers and sellers. This suggests that the index may require a decisive breakout for the further trend. From a technical perspective, immediate support is placed in the 56,000-56,100 zone, while resistance is observed in the 57,000-57,100 range. The Relative Strength Index (RSI) stands at 56.11, sustaining above the midpoint, indicating a slightly positive undertone.”
