Nifty Chart
Nifty Bank Hourly Outlook: Positive Divergence at Key Fibonacci Support
Bias: Short-Term Bullish
The hourly chart of Nifty Bank is indicating a strong potential bullish reversal after defending key technical confluence levels:
38.2% Fibonacci Support Defense: The short-term swing measured from the April low (49,954) to the peak hit exact support at the 38.2% Fibonacci retracement level of 55,685. The index reversed sharply after making a precise low at 55,699, proving strong buying interest at this key zone.
Positive RSI Divergence: While price action tested lower swing levels near the 55,685–56,000 zone, the hourly momentum indicator (RSI) printed higher lows, establishing a clear positive (bullish) divergence. This signals weakening bearish momentum and potential upside acceleration.
Break Above Key Support/Resistance: The index has held above the critical multi-month horizontal resistance-turned-support level (56,555 area), maintaining structural integrity.
Key Levels to Watch:
Immediate Resistance: 57,456
Key Support Zone: 55,685 – 56,000
Outlook:
As long as the index holds above the 55,685 swing low, the bias remains bullish with a target potential toward 57,456 and higher in the short term. A break back below 55,685 would invalidate this bullish setup.
