Bank Nifty Faces 61,737 Resistance After Two-Week Rally

Bank Nifty has printed two straight weeks of strong gains, and the previous high of roughly 61,737 now stands as the index's strongest overhead resistance. That is the single number traders need to watch in the second week of November, according to an analysis published on TradingView by chartist IshanMathur05.

The setup is straightforward. The index rallied hard for two consecutive weeks, and rallies of that size often pause. The analyst flags exactly two factors making the upcoming week uncertain.

• The uptrend can take a break after what Mathur calls "the mega rally of the past two weeks."
• The previous high of around 61,737 now acts as "a strong resistance ahead."

Despite those headwinds, Mathur's read on the bigger picture stays constructive. As he puts it: "But the overall trend remains positive."

What is the bull case for Bank Nifty?

The bullish scenario has one trigger: 61,225. If Bank Nifty crosses that level and — critically — sustains trading above it, Mathur expects the index to test its previous all-time high.

From there, the odds tilt further. "The probability of a new all-time high will remain high," he writes.

In plain terms: a close above 61,225 is the line in the sand. Hold it, and the record high comes back into play.

What is the bear case?

The bearish scenario starts lower, at a support band defined by two levels: 60,792 on the top of the range and 60,545 at the bottom.

If Bank Nifty breaches that 60,792–60,545 support zone, Mathur expects further retracement down to 59,900. That is roughly 845 points of additional downside measured from the top of the support band.

All of these levels — 61,737 resistance, the 61,225 bull trigger, the 60,792–60,545 support range and the 59,900 downside target — are marked directly on the chart Mathur posted alongside the analysis.

How should traders read the range?

Stack the numbers and the trade map is tight. The distance between the bear trigger (60,792) and the bull trigger (61,225) is only about 433 points, a narrow band by Bank Nifty's standards. That compression means the market's next directional decision likely comes quickly.

Three levels frame the week:

• 61,737 — previous high and the major resistance capping the rally
• 61,225 — the breakout level that opens the path to a new all-time high
• 60,792–60,545 — the support range; a break below targets 59,900

Mathur's base case is neither bullish nor bearish by default. He weights the outcome on price action: sustained strength above 61,225 favors new highs, while a breach of the support band opens the retracement toward 59,900. The one fixed conclusion in his note is directional bias — the trend, in his words, "remains positive" even if the index pauses here.

For anyone positioned in Bank Nifty options or futures into the second week of November, the practical takeaway is simple: watch 61,225 on the upside and 60,792 on the downside, because whichever breaks first sets the next leg.