After a gap-up opening of 300 points above the 40,500 zone, Nifty Bank consolidated throughout the session. It formed a small-bodied Bearish candle on the daily scale and gave its highest closing of the last 216 trading sessions. Analysts see major resistance at the 40,800 level and support at around 40,000. The index is now nearing its 52-week high at 41,829.60.
Here’s how analysts read the Nifty Bank pulse:
Chandan , VP,
Nifty Bank formed a Bullish candle on the weekly scale and gave its highest ever weekly close. Now it has to hold above 40,250 zone for an up move towards 40,750 and 41,000 zones whereas supports are placed at 40,000 and 39,750 zones.
Ruchit Jain, Lead Research, 5paisa.com
The index has seen a decent outperformance so far where the short-term trend remains positive. The short-term support for this index is now placed around 39,120.
Anand James, Chief Market Strategist at
The trade setup in Nifty Bank favours the continuation of upsides. There is plenty of catch-up that can be seen from stocks other than
and , which could give further legs to the index. This run could get extended much beyond the record peak.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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