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

After hitting new record highs, the Bank Nifty failed to hold on to the momentum and settled with cuts on Thursday, snapping its five-day winning streak.

The banking barometer plunged sharply on Thursday, about 631 points from its new peak of 41,840.15 but did not breach the 41,000-mark.

For the day, the bank index closed at 41,209.20, dropping 196.2 points or 0.47 per cent from its previous close. Here’s how analysts read the Nifty Bank pulse:

Kunal Shah, Senior Technical Analyst, :
The Bank Nifty index witnessed some profit-booking at higher levels, indicating 41,800-42,000 will act as an immediate hurdle on the upside. The lower-end support stands at 40,000 levels, where one of the highest open interests is built up on the put side. The undertone remains bullish, and one should keep a buy-on-dip approach as long as it holds the support of 40,000 on the downside.

Palak Kothari, Senior Technical Analyst, Choice Broking:
Bank Nifty has support at 40,700 while resistance is at 41,700 levels.

Mohit Nigam, Head – PMS, Hem Securities
Key resistance and support levels for Bank Nifty are 41,800 and 40,800, respectively.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher
Bank Nifty took a breather near the 41,800 levels and slipped to consolidate near the 41,200 zones to close, losing 196 points. For the index, the overall bias is still positive, with the daily trend maintained. Bank Nifty would have a daily range of 40,800-41,700 levels.