Bank Nifty trades at crucial juncture; HDFC, ICICI Bank charts hint this

HDFC Bank and ICICI Bank hold over 53% weightage in the Bank Nifty, thus having a major impact on the likely trend in the banking index; check key support and resistance levels for these 3 here

The Bank Nifty index is seen testing support around its 100-WMA (Weekly Moving Average), which near about coincides with the 20-MMA (Monthly Moving Average) since late January. Despite the broader market fall in recent times, the Bank Nifty has managed to sustain above these two key long-term moving averages on a closing basis; thus implying hopes of an interim bottom around these levels.  At present, the Bank Nifty quotes around 48,400 levels; this is where the 20-MMA support stands at 48,540; below which is the 100-WMA at 47,735. The Banking index has not ended below these two key moving averages since June 2022 - i.e. almost 32 months. CLICK HERE FOR THE CHART  However, the fate of the Bank Nifty largely depends on the price action on the two banking heavyweights' which command over 53 per cent weightage on the index. HDFC Bank (28.9 per cent) and ICICI Bank (24.69 per cent) are the two index heavyweights in the Bank Nifty.  Here's a technical outlook on the likely trend in Bank Nifty and the two private banking sector heavyweights.  Bank Nifty Today Price  Current Level: 48,400  Upside Potential: 3.9%  Downside Risk: 11.2%  Support: 48,540; 47,735  Resistance: 49,000; 49,300; 49,820  Technically, the Bank Nifty is trading below the key moving averages on the daily scale, which is a bearish sign for short-term traders. However, the key momentum oscillators on the daily and weekly scales are seen quoting near oversold zones; hence a pullback from present levels cannot be ruled out.  Charts shows a pullback to 50,300 levels seems possible as long as the index holds above the key moving averages - i.e. 48,540 and 47,735 levels. On its way up interim resistance for the Bank Nifty can be anticipated around 49,000 - 49,300 and 49,820 levels.    However, break and close below the key support levels, shall open the door for an extended slide towards 43,000 levels - i.e. a downside risk of over 11 per cent from present levels.  HDFC Bank Stock Price  Current Price: Rs 1,694  Upside Potential: 9.5%  Downside Risk: 17.4%  Support: Rs 1,650; Rs 1,635; Rs 1,607  Resistance: Rs 1,735; Rs 1,800  HDFC Bank has recovered partly from its January low of Rs 1,624, and outperformed the market in recent times. Technical chart, however, shows that the stock has been unable to conquer its 100-DMA (Daily Moving Average) hurdle on multiple attempts. The 100-DMA at Rs 1,735, coincides with the 20-WMA at the same level. That apart, key momentum oscillators on the weekly and monthly chart are now showing some signs of tiredness. CLICK HERE FOR THE CHART  Therefore, the near-term bias for HDFC Bank is expected to remain tepid as long as the stock remains below Rs 1,735. Break and sustained trade above the same, can potentially trigger a rally towards Rs 1,855; with interim resistance seen at Rs 1,800 levels.  On the flip side, in case the stock fails to conquer the Rs 1,735 hurdle, it can slide to Rs 1,530 levels; below which a crack towards Rs 1,400 cannot be ruled out. Key support levels on the downside exist at Rs 1,650, Rs 1,635 and Rs 1,607.    ICICI Bank Stock Price  Current Price: Rs 1,215  Upside Potential: 10.3%  Downside Risk: 17.7%  Support: Rs 1,175; Rs 1,135; Rs 1,095  Resistance: Rs 1,200; Rs 1,238; Rs 1,244; Rs 1,267  ICICI Bank has bounced back after testing support at its super trend line on the weekly scale at Rs 1,175. The medium-term chart shows that the stock could potentially consolidate between the Rs 1,175 - 1,340 range. Near support for the stock exists at Rs 1,200; whereas as interim resistance can be expected at Rs 1,238, Rs 1,244 and Rs 1,267 levels. CLICK HERE FOR THE CHART  However, in case the downside support is violated the stock can potentially drop to Rs 1,000-mark - this implies a downside risk of nearly 18 per cent from present levels. Interim support for the stock can be anticipated at Rs 1,135, and Rs 1,095 levels.