Banknifty is at a key support level—will it rebound?

In recent months, the bank index has been on a remarkable upward trajectory, consistently achieving higher highs and higher lows.
After reaching an all-time peak close to 53,350 (specifically at 50,358), the bank index experienced a correction.
At present, the index is hovering around a significant support level of 49,750, which also aligns with the trendline support visible on the chart.
There is a strong expectation that the bank index will bounce back from this point and resume its upward trend.
However, if this support is broken, the next level to watch will be around 46,000 to 46,300.
To regain its bullish momentum, the index must overcome the immediate resistance located between 53,000 and 53,350.

Note

Bank Nifty has achieved a significant breakout! Surpassing its previous all-time high, the index has set a new record.
Overall sentiment is expected to stay bullish as long as the index remains above 53,300.

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