Nifty & Nifty Bank Technical Analysis by Samco Securities
by Om Mehra, Technical Research Analyst, SAMCO Securities
đź•— Last Update: 5 January 2026, 8.00 AM
Nifty Scales Fresh Highs, Momentum Holds Firm
Nifty ended the session at 26,250.30, down 0.30%, after registering a fresh all-time high of 26,373.20 during the day, before witnessing a mild cooling toward the close. The daily chart printed a bearish candle, signalling a pause after the recent breakout attempt rather than a breakdown in the broader trend. Nifty continues to trade within an upward-sloping channel, preserving the broader bullish direction intact.
Despite the marginal decline, the index remains above all key moving averages, with the 9 EMA placed near 26,120 acting as an immediate cushion. The daily RSI is placed near 58, reflecting sustained strength. The MACD remains in positive territory and continues to slope higher, indicating that momentum remains supportive.On the hourly chart, the index has cooled off after the recent up-move and is now stabilising above its previous resistance. The pullback has remained orderly, with no signs of aggressive selling pressure. India VIX settled at 10.02, up 6.06%, though volatility continues to remain at relatively subdued levels.
On the downside, the 26,120–26,100 zone now acts as a strong support area, aligning with the 50% Fibonacci retracement, followed by 26,050. On the upside, 26,350–26,400 could cap near-term gains. Nifty might consolidate after marking a fresh record high, while the broader trend remains firmly positive.
Nifty Bank ended the session at 60,044.20, down 0.18%, after marking a fresh 52-week high near 60,437.35 earlier in the day. The daily chart formed a dark cloud cover-type candle, indicating near-term exhaustion after the sharp vertical up-move rather than a reversal of the broader trend.
The index remains above the upper Bollinger Band, reflecting a stretched up-move following the recent rally. However, Nifty Bank continues to trade comfortably above all its key moving averages, which are trending higher and providing a strong cushion.
The Supertrend remains firmly positive. The daily RSI is placed near 65, staying in the higher range and reflecting sustained strength, while the MACD remains in positive territory.
On the hourly chart, the up-move extended beyond the key Fibonacci extension around 60,120 before momentum cooled. The index has since eased back and is holding near the 60,000 area, where earlier breakout levels and the hourly Supertrend converge. Nifty Bank may consolidate after the strong breakout, while the broader outlook remains positive as long as the index holds above the 59,800–59,700 zone.
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