Nifty Bank Outlook, ‘Index Remains in Buy Mode’

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Nifty Bank Outlook, ‘Index Remains in Buy Mode’
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market ended the holiday-curtailed week on a positive note for the third consecutive week, with benchmark indices ending 1% higher in the week.

Key sectoral index Nifty Bank sharply rose 1.38% in Thursday’s intraday trade, closing the session at 42,132.55 points, with all constituent stocks except one ending in the green.

In a note provided to Investing.com, Rupak De, Senior Technical Analyst at LKP Securities stated that the Nifty Bank index continued its strong upward momentum, surpassing the budget day high of 42016 with solid volume in the space.

He noted that the index remained in the buy mode and is likely to move towards 42440-42680 levels on the upside.

“On the lower end, Bank Nifty has support at 41800; as long as this support is not breached, the trend remains positive,” De said.

Most stocks on the 12-scrip sectoral index ended Thursday with gains, led by AU Small Finance Bank (NS: AUFI ), IndusInd Bank (NS: INBK ) and Axis Bank (NS: AXBK ), while Bandhan Bank (NS: BANH ) exerted pressure.

Further, Bank NIFTY Futures jumped 1.34% or 556.65 points to 42,194.4 levels.

Benchmark indices Nifty50 advanced 0.09% to 17,828 points and Sensex climbed 0.06% on Thursday.

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  • Khan Saad @Khan Saad
    A big sell off is expected in the last week of April.because per sebi new rule of option trading and vix is below 12
    Like 7

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