Nifty Bank Experiences Selling Pressure, Key Levels & Favorable Entry Points

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Nifty Bank Experiences Selling Pressure, Key Levels & Favorable Entry Points
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market ended the May 9-ended week on a flat note, with benchmark indices Nifty50 and Sensex making marginal gains of 0.16% and 0.13%, respectively in the period.

Key sectoral index Nifty Bank advanced 0.5% in Friday’s intraday trade and closed the session 6.25 points lower at 43,989 levels, with constituent stocks ending on a mixed note. 

In a note provided to Investing.com, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities stated that the Nifty Bank index is currently experiencing selling pressure as the bears maintain their control at higher levels.

The resistance zone between 44,300 and 44,500 has proven to be strong, preventing the index from making significant upward moves, and on the downside, there is a support level at 43700, which has the potential to act as a buying opportunity, Shah noted.

If the index manages to hold above this support level, it could attract buyers who see it as a favourable entry point. 

“It is important to monitor the price action around these key levels, as a break above the resistance zone or a breach below the support level could indicate a potential change in the market sentiment and trigger further directional moves,” he added.

Further, Bank NIFTY Futures slipped 37.3 points or 0.08% to 44,110.1 levels in the previous session.

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