Here’s how analysts read the Nifty Bank pulse:
Kunal Shah, Senior Technical Analyst at
The index breached the crucial support of 40,000 and closed below it, confirming the breakdown and activating the sell-on-rise mode. The index remains in a sell-on-rise mode with hurdles at 40,500 and the next support is visible at 39,000.
Nifty Bank formed a Bearish candle on the daily scale and has been making lower highs – lower lows from the last three sessions. It formed a Bearish candle on the weekly frame and negated its higher highs of the last three weeks. Now till it remains below the 40,000 zone, weakness could be seen towards 39,250 and 38,888 zones whereas hurdles are placed at 40,000 and 40,250 zones.
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