On the weekly charts, it formed a Bullish candle and closed at its higher zone with relative strength.
Here’s what analysts said on Nifty Bank:
Nifty Bank has to cross and hold above 39,500 zone for an up move towards Rs 39,750 and 40,000 zones, whereas supports are placed at 39,250 and 38,888 zones.
The index will remain buy on dips as long as it holds above 37,700. Below the 37,700 mark, the index may witness a serious correction. However, a decisive move above 39,500 may induce a rally towards 41,800.
Manish Shah, Independent Analyst
Price action in the last two weeks shows an ascending triangle pattern, a trend continuation pattern. The index needs a push above 39,600-40,000 for the rally to continue.
Palak Kothari, Choice Broking
Nifty Bank has support at 38,500 levels, while resistance at 40,000 levels.
Raj Deepak Singh, ICICIdirect
We feel traders can go for a short straddle strategy where maximum profit will be made in the range of 37,850 and 40,649. However, one needs to be careful above these ranges in the current weekly settlement.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)