How did the Nifty Bank perform yesterday?
The Nifty Bank opened positively at 54,746.25 and initially slipped to an intraday low of 54,617.20. Buying emerged from lower levels, lifting the index to a high of 55,419.30 before it closed at 55,256.65, gaining 741.60 points, or 1.36%. The index formed a strong bullish candle with a modest lower shadow, reflecting renewed demand after the recent decline. However, it remained below the 21-DMA (55,553.09) and substantially below the 50-, 100-, and 200-DMA, placed at 56,703.77, 56,595.12, and 57,020.07, respectively. The rebound is encouraging, but the broader technical structure remains weak. Sustained follow-through above the 21-DMA is necessary before the recovery can develop into a meaningful trend reversal.