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Nifty Bank Bulls Outlook, Momentum Indicator RSI View; PNB Leads Pack

Published 21-05-2023, 10:39 pm
© Reuters.

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.

The state-owned lender Punjab National Bank (NS:PNBK) led the 12-scrip sectoral pack on Friday, rising 2.4% in the session, followed by Axis Bank (NS:AXBK) and AU Small Finance Bank (NS:AUFI).

Bandhan Bank (NS:BANH) and Federal Bank (NS:FED) were the only two constituent stocks ending in the red in the previous session. 

Further, Bank NIFTY Futures gained 214.65 points or 0.49% to 43,990.1 levels.

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