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Nifty Bank Bulls Overpower Bears, ‘Buy’ Signal Reinforced: Levels in Focus

Published 28-05-2023, 08:09 pm
© Reuters.

By Malvika Gurung

Investing.com -- The domestic market ended the May 26-ended week on a strong note, closing higher on Friday. Benchmark indices Nifty50 and Sensex surged up to 1.6% during the period.

Key sectoral index Nifty Bank gained 0.77% or 336.6 points in Friday’s intraday trade and closed the session at 44,018 points, with all constituent stocks except one ending in the green. 

In a note provided to Investing.com, Rupak De, Senior Technical at LKP Securities stated that the Nifty Bank index witnessed a strong comeback by the bulls, overpowering the bears.

De noted that there was consistent buying activity throughout Friday, indicating a bullish sentiment in the market. If the index manages to sustain above the level of 44000, it has the potential to experience further upside towards 45000, he said.

The momentum indicator RSI has confirmed a positive crossover, reinforcing the buy signal. 

“Traders and investors should closely monitor the index for sustained strength above 44,000 and consider the potential for continued upward movement based on the bullish momentum and buying activity observed,” added De. 

The private sector lender IDFC First Bank (NS:IDFB) led the 12-scrip sectoral pack on Friday, hitting a fresh 52-week high at Rs 70/share during the session, followed by Federal Bank (NS:FED) and Punjab National Bank (NS:PNBK).

Bandhan Bank (NS:BANH) was the only stock that ended in the red on Friday, declining 1.3% during the session. 

Further, Bank NIFTY Futures gained 333.65 points or 0.76% to 44,070 levels.

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