Bank Nifty Surged Over 2,000 Points: Here's How We Saw It Coming

Gann Levels, Bollinger Bands, and MACD together create a powerful market forecasting framework, combining price structure, and momentum tracking.

Their collective strength lies in identifying high-probability trends, breakout opportunities, and potential reversals before they fully develop, helping traders navigate markets with greater precision and confidence.

The analysis below is from our monthly report published on 29^th May 2026.

Bank Nifty Weekly chart as on 29th May 2026

Bank Nifty Daily chart as on 29th May 2026

Bank Nifty Daily chart with Gann level as on 29th May 2026

Analysis as on 29^th May 2026

On the weekly chart, we can see that Index since 20th April 2026 have failed to give any close above prior week’s high which keeps weekly trend still on the side of bears.

On the daily chart, prices retraced 61.8% of the prior rise started in April 2026 and have reversed from it. Currently Index is trading above the daily mid Bollinger Bands® and now, the next level to watch out for is at Gann level of 55108, 56051. Along with that, there is MACD bullish crossover happening on the daily chart but for confirmation of the same follow up buying is now required. So, overall technical cues are suggesting possible up-move in coming sessions with important support lying around 53246 levels.

From a wave perspective, Wave B was completed at the February 2026 top, followed by a corrective decline which looks to have completed in wave C as the recent rally has given a faster retracement of falling leg. Now the fresh leg has started moving on the upside.

The movement in Bank Nifty has largely remained in sync with that of the broader Nifty index. Within the banking space, major private sector banks such as ICICI Bank, Kotak Mahindra Bank, and HDFC Bank have continued to act as relative laggards, thereby limiting the overall momentum within the index. At the same time, we have also started witnessing early signs of weakness emerging within select PSU banking names such as SBI and Canara Bank, which had previously been among the stronger outperformers.

Despite this, a few banking stocks have continued to display resilience, helping the Bank Nifty index sustain within a broader range-bound structure rather than witnessing a sharp breakdown. Technically, a decisive breakout above the 55,600 zone could result in a fresh phase of short-term bullish momentum, potentially pushing the index towards the 58,000 mark on the upside. On the downside, the 52,500 level continues to remain a crucial support zone for Bank Nifty. As long as this support remains protected, any corrective phases or dips are likely to remain temporary in nature, with the broader structure still favouring an eventual move higher towards the 58,000 regions.

Bank nifty Daily Chart Happened as on 17th June 2026

Happened as on 17^th June 2026

Bank Nifty moved exactly as anticipated. The index witnessed a sharp upside move after breaking above the crucial resistance zone of 55600 and surged more than 2000 points within just 4 trading sessions and manage to register a recent high of 57804 level near our target level.

For now, instead of catching the highs, traders should consider buy on dips strategy to ride the prevailing uptrend for the target of 57961 (Gann level) and 56300 level as the important support.

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