Nifty Bank Crucial Levels and Outlook, SBI Up 3%

  • Investing.com
  • Stock Market News
Nifty Bank Crucial Levels and Outlook, SBI Up 3%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market ended the April 28-ended week on a strong note, recouping the previous week’s losses and posting the highest weekly gains since July 2022, led by multiple factors including robust earnings numbers from the banking and financial pack.

Key sectoral index Nifty Bank rose 0.7% in Friday’s intraday trade and closed the session at 43,233.9 points, with all constituent stocks ending higher except one.

In a note provided to Investing.com, Rupak De, Senior Technical Analyst at LKP Securities stated that the Nifty Bank index continued to remain in strength despite the subdued move from the most heavyweight.

On the daily chart, the index has remained above the consolidation breakout point, noted De. Besides, the index has remained above the critical moving average.

“The trend will likely remain positive as long as it remains above 43000 on a closing basis. On the higher end, Bank Nifty might move towards 43300/43500 over the near term,” De added.

Almost all stocks on the 12-scrip sectoral index ended with gains on Friday, led by IDFC First Bank (NS: IDFB ) and Punjab National Bank (NS: PNBK ), while the private sector lending major Axis Bank (NS: AXBK ) declined over 3%.

India’s largest public sector bank State Bank of India (NS: SBI ) rose 2.8% in the session.

Further, Bank NIFTY Futures advanced 0.51% or 217.85 points to 43,230.1 levels.

Benchmark indices Nifty50 and Sensex rallied 2.5% each on Friday.

Read Also: Reliance (NS: RELI ) Leads Big Boys Club, M-Cap Soars Most Last Week, SBI Follows

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