By Malvika Gurung
Investing.com -- The domestic market ended the May 19-ended week on a lower note, closing higher on Friday. Benchmark indices Nifty50 briefly topped the 18,400 mark in the week, dropping 0.6%, while Sensex lost 0.48% during the period.
Key sectoral index Nifty Bank gained 0.6% in Friday’s intraday trade and closed the session 0.5% or 217.1 points higher at 43,969.4 points, with most constituent stocks ending in the green.
In a note provided to Investing.com, Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities stated that the Nifty Bank index bulls returned strong and managed to hold the support level of 43,500.
This indicated that the bulls were still in control and that the index is likely to continue its uptrend. Shah pointed to the immediate resistance at 44,000.
“If the index is able to break above this level, it could see a sharp move toward the 44,500 level. The momentum indicator RSI took support at the 60 levels. This bullish sign indicates that the momentum is still intact on the upside,” he added.
Further, Bank NIFTY Futures gained 214.65 points or 0.49% to 43,990.1 levels.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.