Bank Nifty — Week May 19 to May 23, 2026
Current Position
Last close around 54,129
Weekly close was 55,310 with a gain of 447 points
But today pulled back, sitting near lower levels
Trend
Short term trend is negative
Weekly chart showing lower lows and lower highs
Both 20-day and 50-day EMA breached on the downside
Support Levels
First support at 54,200 to 54,600
Second support at 54,000
If 54,000 breaks, next target on downside is 53,000
Resistance Levels
First resistance at 54,609 on closing basis
Second resistance at 56,000 to 56,400
Major supply zone at 56,800
RSI
Weekly RSI at 45.75
Momentum is weak and neutral to bearish
Options Data
PCR at 0.90, slightly bearish reading
Max call pain sitting near 55,000, acting as a ceiling
What to Do
Short traders hold with stop-loss above 54,609 on daily close
Long trades only if index closes above 54,609
Avoid aggressive buying unless 56,400 is reclaimed with a proper closing
Key Risk
Crude oil above 100 dollars is a pressure point for India
Any global news on geopolitics can cause sudden sharp moves either way
Current Position
Last close around 54,129
Weekly close was 55,310 with a gain of 447 points
But today pulled back, sitting near lower levels
Trend
Short term trend is negative
Weekly chart showing lower lows and lower highs
Both 20-day and 50-day EMA breached on the downside
Support Levels
First support at 54,200 to 54,600
Second support at 54,000
If 54,000 breaks, next target on downside is 53,000
Resistance Levels
First resistance at 54,609 on closing basis
Second resistance at 56,000 to 56,400
Major supply zone at 56,800
RSI
Weekly RSI at 45.75
Momentum is weak and neutral to bearish
Options Data
PCR at 0.90, slightly bearish reading
Max call pain sitting near 55,000, acting as a ceiling
What to Do
Short traders hold with stop-loss above 54,609 on daily close
Long trades only if index closes above 54,609
Avoid aggressive buying unless 56,400 is reclaimed with a proper closing
Key Risk
Crude oil above 100 dollars is a pressure point for India
Any global news on geopolitics can cause sudden sharp moves either way
Contact Knowledgehub for a detailed consultation: Dm on WhatsApp: [wa.link/a2o0kz]-
Phone No: [+91 93102 26243]-
Email: [tradingviewknowledgehub@gmail.com]---
-- Let’s achieve success together!
Phone No: [+91 93102 26243]-
Email: [tradingviewknowledgehub@gmail.com]---
-- Let’s achieve success together!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Contact Knowledgehub for a detailed consultation: Dm on WhatsApp: [wa.link/a2o0kz]-
Phone No: [+91 93102 26243]-
Email: [tradingviewknowledgehub@gmail.com]---
-- Let’s achieve success together!
Phone No: [+91 93102 26243]-
Email: [tradingviewknowledgehub@gmail.com]---
-- Let’s achieve success together!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.