Chartist Talk Can Bank: Bank Nifty May Test Record Before Nifty 50
Bank Nifty’s stronger price structure and relative gains make it more likely to reach its record high before the Nifty 50, Jatin Gedia said. He sees the benchmark index moving toward 25,358–25,476 by the end of the week and identified Meesho and GMR Airports as stocks with potential upside.
Bank Nifty is more likely than the Nifty 50 to reclaim its record high first, Jatin Gedia, vice president and derivatives and technical research analyst at Teji Mandi, said in an interview published November 10. The chartist talk can bank on the banking index’s stronger price structure and recent outperformance.
The gap is narrower for Bank Nifty. It was around 3.3 percent below its record high of 61,765, while the Nifty was around 5 percent below its all-time high of 26,373, according to the figures cited by Gedia.
Bank Nifty holds a higher low
The Nifty retested its April 2026 swing low of 22,182 in October. Bank Nifty, by contrast, formed a higher low at 53,626 that month and stayed above its April and May swing lows of 51,732 and 52,783.
Gedia said that comparison pointed to a more bullish structure for the banking index. Its performance relative to the Nifty also supported his view that it could reach its record before the broader benchmark.
Nifty target reaches 25,476
Gedia expects the Nifty to advance toward the 25,358–25,476 range by the end of the week. He said the current rally’s third wave remains incomplete, while the relative strength index, a momentum gauge, has room to rise further.
The Nifty was trading around 25,045 in the interview. Gedia said it had closed above 24,978, a Fibonacci extension level, and identified 25,358 as the next extension target. The 78.6 percent retracement level of the decline from 26,373 to 22,180 was 25,476.
The index’s relative strength index stood at 78, nearing an overbought reading, Gedia said. He noted that the indicator had previously extended to 84-85 before easing.
Support and resistance levels
Gedia described recent trading around 25,000 as a pause in the broader advance. He said buyers stepped in when the Nifty dipped to 24,838, with buying interest around 24,850-24,800.
He identified 24,830 as immediate support, followed by 24,780, where the 20-hour moving average stood. Resistance was at 25,131, followed by the 25,358-25,476 target range.
Gedia said a move above 25,131 could prompt traders who had bet against the index to close those positions, potentially pushing it higher. He also cited substantial foreign institutional investor buying in the cash market and fewer short positions as encouraging signals.
Two stocks Gedia highlighted
Gedia named Meesho and GMR Airports as stocks with upside potential. He said Meesho was nearing an upward breakout from a period of consolidation, while its momentum indicator had produced a positive crossover.
He said GMR Airports had broken above a falling channel and begun forming higher highs and higher lows, which he described as a possible trend reversal.
