Here’s how analysts read the Nifty Bank pulse:
Chandan , VP,
After forming a Bullish candle on the daily scale, Nifty Bank is forming higher lows from the last four sessions. Now, it has to hold above 39,750 zones for an up move towards 40,000 and 40,250 zones, whereas supports are placed at 39,500 and 39,250 zones.
Kunal Shah, Senior Technical Analyst at
The index is trading in a strong uptrend with higher top and had higher bottom formations intact during all the time frames. Once the indexsurpasses the mentioned hurdle, it will see a strong move on the upside toward the 41,000-41,500 zone. The lower-end support stands at the 38,800-38,500 zone, where fresh put writing has been observed.
Mohit Nigam, Head – PMS, Hem Securities
For Nifty Bank, the major resistance can be seen at 40,200, and support is around 39,700.
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