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

Like the Nifty50 index, Nifty Bank extended its gains for the fourth straight session and rose 0.74 per cent, almost in line with its headline peer.

The banking index continued the momentum it had in the early hours of trade and managed to hit the intraday high of 40,904.30 on Tuesday.

For the day, the bank index closed at 40,873.10, rising 299.10 points or 0.74 per cent. Here’s how analysts read the Nifty Bank pulse:

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel OneYesterday, the banking had a fantastic start, but follow-up was missing. Nifty Bank is headed towards its all-time high before the benchmark index.

Kunal Shah, Senior Technical Analyst at
The Bank Nifty index witnessed a gap up opening and sustained the level throughout the day, confirming the strength. The index immediate hurdle is placed at 41,000, where the highest open interest is built up on the call side, and once breached will see a sharp sort covering towards 41,500-41,800 levels.

Palak Kothari, Senior Technical Analyst, Choice Broking
Bank Nifty has support at 40,000 levels, while resistance is placed at 41,400 levels.

Mohit Nigam, Head – PMS, Hem Securities
Key resistance and support levels for Bank Nifty are 41,500 and 39,500, respectively.

Amit Trivedi, CMT, Technical Analyst, Yes Securities
Bank Nifty gradually trended up, stability to unlock upside potential till 41,100-41,400 zone.