Nifty Bank Immediate Resistance, Downside Support Levels and Overview

By Malvika Gurung

Investing.com -- The domestic market ended the May 5-ended week on a higher note, with both benchmark indices surging up to 1.6% each in the week announcing India’s CPI data for April 2023.

Key sectoral index Nifty Bank rose 1% in Friday’s intraday trade and closed the session 0.73% or 318.25 points higher at 43,793.55 levels, 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 bulls continued to hold their long positions on Friday, adding that the intraday dip was utilized to maintain strength.

He noted that the immediate resistance for the index stood at 44,000, and the downside support at 43,500.

“Karnataka polls will be crucial for the markets which will decide the direction in the next week. The index surpasses the level of 44000 and will touch its all-time high level," Shah added.

Private sector lender IndusInd Bank (NS: INBK ) topped the 12-scrip sectoral index on Friday, followed closely by Axis Bank (NS: AXBK ) and IDFC First Bank (NS: IDFB ).

Federal Bank (NS: FED ) led the losses on the index, falling almost 2% in the previous session, while Bandhan Bank (NS: BANH ) and state-owned lender Punjab National Bank (NS: PNBK ) exerted pressure.

Further, Bank NIFTY Futures gained 298.25 points or 0.69% to 43,760 levels.

Benchmark indices Nifty50 ended flat at 18,314.8 points, and Sensex added 123.38 points or 0.2% on Friday.

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