Nifty Bank can hit new high, zoom to 57,000; Breakout, key levels to track

The Nifty Bank has given a breakout above 50,600 levels. Near-term bias is expected to remain positive as long as the index sustains above 50,350 and 49,865 support levels, suggests technical chart.

The Nifty Bank, also commonly referred as Bank Nifty, closed above its 200-DMA (Daily Moving Average) for the last three trading sessions - for the first time since the start of the calendar year 2025. On Thursday, in intra-day deals the Nifty Bank index quoted around 51,165 levels as against its 200-DMA at 50,993.  The Nifty Bank index surged over 9 per cent from its recent low of 47,703 hit on March 11 to a high of 52,064 on Tuesday, and was the primary contributor to the sharp pullback in the NSE benchmark Nifty 50 index. The latter rallied 7 per cent or 1,555 points in the same period.  Apart from Nifty Bank, Nifty Financial Services and the Nifty Metal are the only other two indices to reclaim the 200-DMAs among all the sectoral indices. Technically, the Nifty Bank index looks promising at the current juncture, and can possibly rally to a new all-time high in the coming months.  Here's a detailed technical analysis on the Nifty Bank index, and key levels to track going ahead.    Nifty Bank  Current Level: 51,165  Upside Potential: 11.5%  Support: 50,600; 50,350; 49,865  Resistance: 52,580; 53,230; 54,700; 55,880  The Nifty Bank daily chart shows a breakout at 50,600 levels, thus indicating that the near-term bias for the index is expected to remain upbeat as long as the index sustains above the same. Below which, immediate support for the banking index exists at 50,350 and 49,865 levels - i.e. the 100-DMA and the super trend line support. The overall bias for Nifty Bank is expected to remain favourable as long as these support levels are held. CLICK HERE FOR THE CHART  Further, the long-term chart shows that the index found support around its 100-WMA (Weekly Moving Average) - a key moving average the index has broadly respected since the breakout in November 2020. The 100-WMA now stands at 47,960 levels. Similarly, the index has broadly held the 20-MMA (Monthly Moving Average) support, which now stands at 48,700 levels since the last 4 years and 4 months.    Among the key momentum oscillators the MACD (Moving Average Convergence-Divergence) and the Stochastic Slow have given a positive crossover on the weekly scale; and the ADX (Average Directional Index) remains favourably placed on the long-term chart.  On the upside, the Nifty Bank faces immediate resistance at 52,580 levels. Break and consistent trade above the same shall augur well for the banking index, and possibly lead it to new highs in the coming months.  The present life-time high for Nifty Bank stands at 54,467. Chart suggests the index can potentially zoom to 57,070 levels in the year ahead; with interim resistance likely around 53,230, 54,700 and 55,880 levels. This implies an upside potential of nearly 12 per cent from present levels.