Nifty Bank weekly outlook: Index resistance at 47900, all eyes on ICICI Bank and Axis Bank

The index concluded the session at 47297.50, marking a 1.02 percent increase from the previous week's close. It reached a peak of 47433.85 on the weekly chart. Bank Nifty rebounded from the support of 45700, a robust support level in just below its 20 and 50 Day EMA levels. 

Furthermore, on the weekly timeframe, Bank Nifty successfully closed above its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels. The Relative Strength Index (RSI) momentum indicator, currently at 58.57 levels on the weekly timeframe, indicates positive momentum.

Looking ahead, the index faces strong resistance near 47,900 and 48,200 levels. Any upward movement is expected to be driven by ICICI Bank and Axis Bank in the private banking sector, with PSU banks like CANBK and SBIN likely to outperform and contribute to potential gains in the coming week.

Bank Nifty's put options show the highest concentration at 47000 and 46500, serving as potential support for the on-going expiry. Conversely, call strikes at 48000 and 49000 exhibit significant Open Interest concentrations, suggesting potential resistance levels for the current expiry.

On the daily charts, a minor resistance is observed around 47900 levels. A sustained move above this level could propel Bank Nifty higher towards all-time high levels of 48650 and above.

(The author of this article is Executive Director at Choice Broking)