Bank Nifty Weekly Technical Analysis for May 19–23, 2025

#Current Market Context

Latest Close (May 16, 2025): The Bank Nifty closed at 55,354.driven by strong performances in banking heavyweights like HDFC Bank, ICICI Bank, and SBI.

Recent Performance: The index has been volatile but bullish, breaking above the 55,700 mark for further Bullish, However, it faced resistance near 55,500, indicating profit-booking pressure.

Market Sentiment: Positive global cues (softening oil prices, US market gains, and a stronger Indian rupee at ~83.90) and domestic factors (government capex, strong credit growth) are supportive. However, global uncertainties (e.g., US Fed rate expectations, geopolitical tensions) and FII flow reversals pose risks.

#Technical Analysis

- Price Action and Trend

Current Trend: The Bank Nifty is in a uptrend within an ascending channel on the daily chart, reflecting bullish momentum. On the 4-hour chart, it recently broke out of a consolidation zone near 52,500–53,000, signalling potential for further upside if it sustains above 56,000.

Chart for your reference