Nifty Bank opened on a positive note at 57,589.75, compared with the previous close of 57,635.25. However, selling pressure emerged after the index tested its intraday high, indicating profit booking at elevated levels. The index opened at 57,589.75, touched a high of 57,681.45, a low of 57,380.45, and closed at 57,491.10, declining 144.15 points or 0.25%. Price action remained confined to a relatively narrow band, reflecting indecision between buyers and sellers. Importantly, the index closed marginally below its 21-DMA at 57,525 but continued to hold above the 50-DMA (57,336) and the 200-DMA (57,474). The recent candles indicate sideways consolidation with contracting volatility, suggesting that a decisive breakout from the prevailing range could determine the next directional move.
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