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Market Commentary
Persistent Buying Pushes Nifty Bank Closer to Major Resistance Zone
Posted On : 2026-06-17 19:45:12( TIMEZONE : IST )
Derivatives Analysis Report - Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities
Nifty Bank extended its gaining streak for the fifth consecutive session and closed at 57,585.05, up 287.90 points or 0.50%. The index continued to witness buying interest and remained firmly above the 57,000 breakout zone, reflecting sustained strength in the banking space. Although the index ended with gains, it approached a crucial resistance zone around 57,600-57,700, where some supplies emerged during the session.
Technically, Nifty Bank is trading comfortably above its 200-DEMA placed near 56,140, highlighting a strong underlying trend. More importantly, the index has maintained higher highs and higher lows over the last several sessions and is now testing an important resistance cluster around 57,600-58,000. A decisive move above this zone could pave the way for an extension towards 58,650, which coincides with a significant swing resistance visible on the daily chart.
Momentum indicators remain supportive of the ongoing uptrend. The daily RSI has risen to 69.15 and continues to trade above its moving average of 54.38, indicating strong bullish momentum.
Derivatives data also reflects a constructive undertone. On the options front, the highest Put Open Interest is concentrated at the 56,000 strike, followed by 57,000, indicating that option writers continue to defend lower levels aggressively. On the Call side, significant Open Interest is visible at 58,000 and 59,000 strikes, making this zone the immediate hurdle for the index. The Put-Call Ratio stands at 1.087.
The price structure, momentum setup and derivatives positioning collectively suggest that the broader bias remains positive. As long as Nifty Bank sustains above the 57,000-57,100 zone, the undertone is likely to remain constructive. On the upside, 57,600-58,000 remains the immediate resistance band, while a decisive breakout could trigger an extension towards 58,650 in the coming sessions.
