Nifty Bank Prevailing Bias, Gains Upto 1% Last Week

  • Investing.com
  • Stock Market News
Nifty Bank Prevailing Bias, Gains Upto 1% Last Week
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market indices ended on a negative note for the fifth week in a row last week amid subdued global cues and weakness in domestic equities.

Key sectoral index Nifty Bank tanked 1.15% on Friday and closed 0.59% lower, shedding 264.75 points to 44,231.45 levels in the session, with most constituent stocks ending in the red.

However, the index surged 0.87% in the August 25-ended week, as opposed to a 0.23% and 0.1% drop in benchmark indices Nifty50 and Sensex , respectively during the period. 

In a note provided to Investing.com, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities stated that the Nifty Bank index witnessed an ongoing struggle between bulls and bears, resulting in a phase of range-bound trading.

The support level is clearly visible around 44000, coinciding with significant put writing, which could act as a stronghold against downward movements. Conversely, resistance can be observed around 45000, where the highest open interest is seen on the call side, indicating potential selling pressure, said Shah.

“A decisive break on either side of this range could trigger trending moves. Despite this, the prevailing bias appears to lean towards the bullish side within the range,” the analyst added.

India’s second-largest private sector lender ICICI Bank (NS: ICBK ) led the gains on the 12-scrip index on Friday, followed by Bandhan Bank (NS: BANH ) and Axis Bank (NS: AXBK ), while all the remaining stocks toppled.

The public sector lender Punjab National Bank (NS: PNBK ) was the worst performer on the Nifty Bank index, falling almost 3% in the session.

Further, Bank NIFTY Futures eroded by 389.1 points or 0.87% to 44,170 levels.

Add Chart to Comment

Comment Guidelines

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.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search
  • Sandeep Pandey @Sandeep Pandey
    tomorrow nifty moves atleast 150 point up and bank nifty 500 point up. ready for tomorrow rally
    Like 2
  • NIRAV JARIWALA @NIRAV JARIWALA
    bank nifty 43800 call buy 384 for 4 lot buy
    Like 0
  • Abhishek kashyap @Abhishek kashyap
    Nifty 50 positive open 95 point
    Like 1
    • Abhishek kashyap @Abhishek kashyap
      👍
      Like 1

      • Comment Guidelines

      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.

      Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

      Error: File type not supported

      Drop an image here or

      100
      Please try another search
  • Nagaraju Patibandla @Nagaraju Patibandla
    what is nifty 50 position on Monday 27th aug
    Like 1
    • Nur Barbhuiya @Nur Barbhuiya
      up trend
      Like 4

      • Comment Guidelines

      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.

      Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

      Error: File type not supported

      Drop an image here or

      100
      Please try another search

Related Articles