Here’s how analysts read the Nifty Bank pulse:
Kunal Shah, Senior Technical Analyst at
Nifty Bank index continued to face resistance at a higher level where 42,000 will act as a hurdle. The index is stuck in a broad range between 40,500-42,000 and a break on either side will decide the trend for the index. On the derivative front, the highest open interest on the call side is built up at 42,000 and immediate support is visible at 41,000 where fresh put writing has been observed.
The index has to cross and hold above 41,250 zone to continue the positive momentum towards 41,500 and lifetime high of 41,840 zone while on the downside support exists at 41,000 and 40,750 levels.
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