As Nifty Bank Hits 52-Week High, Here’s What to Expect; Futures Jump 408 Pts

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As Nifty Bank Hits 52-Week High, Here’s What to Expect; Futures Jump 408 Pts
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market was propelled with gains last week, with headlines recording fresh lifetime highs on Friday for the second consecutive session amid a rally on Dalal Street.

Key sectoral index Nifty Bank extended its rising streak for the fourth day in a row on June 30, 2023, and hit a fresh 52-week high of 44787.1 points in the session.

The 12-scrip index surged 1% on Friday to hit a new high and closed the session 0.95% higher at 44,747.35 levels, with most constituent stocks ending in the green. The index has gained 2.66% in the past four trading days.

In a note provided to Investing.com, Rupak De, Senior Technical analyst at LKP Securities stated that the Nifty Bank index experienced a breakthrough as it opened above its robust resistance level of 44,500.

The index’s Relative Strength Index (RSI) indicates strong momentum and a bullish sentiment, notes De, adding that a downward consolidation breakout witnessed on the weekly chart suggests a rise in optimism for Nifty Bank.

Thus, it can be inferred that the trend looks positive for the banking pack in the short term.

“An immediate support is visible at 44,500 where Put writers have added significantly in the open interest, while the 45,000 strike price has the highest open interest in calls, which suggests that Nifty Bank may encounter some resistance at that level,” added De.

Barring ICICI Bank (NS: ICBK ) and IDFC First Bank (NS: IDFB ), all the members of Nifty Bank ended higher on Friday, led by Bandhan Bank (NS: BANH ).

Further, Bank NIFTY Futures jumped 407.85 points or 0.92% to 44,855.3 levels.

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  • VAIBHAV VAIBHAV @VAIBHAV VAIBHAV
    first touch 44400 then 45k
    Like 2
  • Stock Adda @Stock Adda
    45000 is a strong resistance of BANK NIFTY
    Like 4

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