Nifty Bank: Key levels to watch out for on Friday – Blue Barrows

Ahead of the RBI policy outcome on Friday, which would determine the further directional movement of Bank Nifty, the index formed a Bearish candle on the daily scale and closed with a loss of 112 points. It has been making lower highs and lower lows for the last seven sessions.

Analysts see Nifty Bank’s support at 37,500, while resistance is seen at 36,400 level.

Here’s how analysts read the Nifty Bank pulse:

Kunal Shah,
The index’s immediate resistance on the upside is at 36,400, and a breach of this will witness some short covering move on the upside towards 39,000 levels. The lower-end support is placed at 37,500. If that is breached, it will aggravate the sell-off towards 37,000-36,000 levels.

Chandan ,
Till Nifty Bank remains below 37,750 zones, weakness could be seen towards 37,250 and 37,000 zones, whereas hurdles are placed at 38,000 and 38,250 zones.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher
The index needs to stabilize and consolidate to witness some conviction and clarity for an upward movement. Till then, the bias would be maintained with a cautious approach. However, the support for the day is seen at 16,650, while the resistance is seen at 16,950. Nifty Bank’s daily range is seen at 37,200-38,200 levels.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)