Skip to main content

Chanakya

Login

Strong setup for Bank Nifty – Samco

Dhuhpesh Dhameja, Derivatives Research Analyst, SAMCO Securities

🕗 Updated for 19 August 2026 on 18 August 2026 @ 7.00 pm

Nifty Outlook: 24,130 Emerges as the Make-or-Break Level

Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities

Nifty Today at a Glance

Indicator Reading
Nifty Close 24,154.90
Change -132.75 points (-0.55%)
Immediate Support 24,130
Lower Supports 24,050–24,000
Immediate Resistance 24,190
Major Resistance 24,384–24,500
RSI 44.67
India VIX 11.39
PCR 0.856
Short-Term Trend Weak below 24,190

Is Nifty Bullish or Bearish?

Nifty remains under short-term selling pressure after closing at 24,154.90, down 0.55%. Buyers failed to sustain intraday recoveries, and the index finished near the lower end of its recent trading range.

The immediate Nifty make-or-break level is 24,130. A sustained close below this support could extend the correction towards 24,050–24,000. Conversely, reclaiming 24,190 would be the first indication that selling pressure is easing.

Nifty Technical Analysis

Nifty continues to trade below its 200-day exponential moving average at 24,384, keeping the broader near-term structure weak.

The index has also slipped below the 50% Fibonacci retracement level at 24,190. This suggests that the previous recovery is losing strength and that the corrective phase is gaining momentum.

A decisive breakdown below 24,130 could lead to further unwinding towards the 61.8% retracement zone around 24,050–24,000. The psychological support at 24,000 may become the next important demand area.

Nifty Momentum and India VIX

The RSI has fallen to 44.67, below both the neutral 50 level and its average of 57.15. This confirms weakening momentum and shows that sellers currently have the advantage.

However, India VIX remains subdued at 11.39, indicating that the decline is orderly rather than panic-driven. Selling pressure may therefore continue gradually unless strong buying emerges near 24,130–24,000.

Nifty Option Chain Analysis

Call writers remain active between 24,300 and 24,500, creating a significant overhead resistance zone. Put Open Interest around 24,000–23,900 indicates the next meaningful support base.

The Put-Call Ratio of 0.856 reflects cautious and defensive market positioning.

Nifty Trading Outlook

Nifty remains weak below 24,190–24,384. A sustained move below 24,130 may open the way towards 24,050 and 24,000, while a recovery above 24,190 could provide initial relief.

Nifty View: Bearish below 24,130; trend improvement only above 24,384.

👉 Reliance Option Chain Strategy

Bank Nifty Outlook: Directionless Trade Continues as Momentum Weakens

Bank Nifty Today at a Glance

Indicator Reading
Bank Nifty Close 57,262.40
Change -235.40 points (-0.41%)
Immediate Support 57,100–57,170
Lower Supports 56,600 and 56,050
Immediate Resistance 57,570
Major Resistance 58,025
RSI 47.36
Short-Term Trend Range-bound with negative bias

Is Bank Nifty Bullish or Bearish?

Bank Nifty remains range-bound with a mildly negative bias. The index closed at 57,262.40, down 0.41%, after failing to sustain intraday recoveries.

The 57,100–57,170 zone is the immediate line of defence. A sustained breakdown below this support could increase selling pressure towards 56,600, followed by 56,050.

Bank Nifty Technical Analysis

The index is trading near its 50-day exponential moving average at 57,172, making this zone an important technical pivot.

On the upside, 57,570 is the first resistance. Bank Nifty must decisively cross 58,025 to improve its broader momentum and confirm a stronger recovery.

The RSI stands at 47.36, below its average of 51.32 and the neutral 50 level. This indicates weak participation and an absence of strong directional momentum.

Bank Nifty Option Chain Analysis

Maximum Put Open Interest is concentrated at 57,000, followed by 56,500, creating an important lower support zone.

Maximum Call Open Interest is placed at 58,000, followed by 57,500. This indicates strong overhead supply between 57,500 and 58,000 and may restrict recovery attempts.

Bank Nifty Trading Outlook

Bank Nifty is likely to remain range-bound until it breaks outside 57,100–58,025.

A breakdown below 57,100 may lead to 56,600–56,050, while a decisive move above 58,025 would strengthen the bullish case.

Bank Nifty View: Mildly bearish below 57,100; meaningful trend reversal only above 58,025

🔽 Also Study

👉 Intraday Breakout Call – for Solid & Quick Profits !

Related Market Insights 

👉 Back to Chanakya Market Dashboard