Nifty Bank Outlook, Overview: ‘Buy’ Signal Indicated, Key Levels

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Nifty Bank Outlook, Overview: ‘Buy’ Signal Indicated, Key Levels
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market indices made strong gains on Friday, marking their biggest uptick in the calendar year 2023.

The key sectoral index Nifty Bank rallied 2.5% in Friday’s intraday trade, hitting the session’s high at 41,390.15 points and ended the day 2.13% or 861.55 points higher at 41,251.35 points on March 3, with all constituent stocks ending in the green except one.

In a note provided to Investing.com, Kunal Shah, Senior Technical Analyst at LKP Securities pointed out that the Nifty Bank index bulls came back strong and surpassed the hurdle of 40,800 with a sharp surge in volumes.

He noted that the index momentum indicator has given a positive crossover on the daily chart, which confirms a buy signal.

“The index is likely to touch the level of 42,000 where fresh call writing has been observed,” Shah added.

Banking behemoth State Bank of India (NS: SBI ) led the rally on the Nifty Bank pack, followed by public sector lenders Bank of Baroda (NS: BOB ) and Punjab National Bank (NS: PNBK ).

All the stocks under the 12-scrip sectoral index ended Friday marked in green, except the private sector lender Bandhan Bank (NS: BANH ).

Further, Bank NIFTY Futures jumped 1.96% or 795.85 points to 41,423.65.

Benchmark indices Nifty50 surged 1.57% to close the March 3-ended week at 17,594.35 points, and Sensex rose sharply by 899.62 points or 1.53%.

Read Also: Big Boys Club: Net Valuation Rallies Led by SBI; Infy, TCS (NS: TCS ) Top Laggards

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  • Bazaar Rewards @Bazaar Rewards
    The First Resistance Levels to Watch On Monday is - 41559.20
    Like 1
  • Kamalesh Pugalia @Kamalesh Pugalia
    I buy bank nifty 42000ce @49 hold exit
    Like 3
  • Faheem Ul Haq @Faheem Ul Haq
    What about yes Bank will it fall tomorrow?
    Like 3
  • ADIL MEMON @ADIL MEMON
    I have 17600 pe 3 lot buy at 238 now 79..hold or exit monday morning?
    Like 1
    • CHAVDA MILAP @CHAVDA MILAP
      Exit
      Like 2
    • Sourabh patil @Sourabh patil
      fix ur stoploss because tomorrow there will be a gap up opening
      Like 1
    • Sumeet Amare @Sumeet Amare
      exit at current price definitely
      Like 2

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  • Aghara Vipul @Aghara Vipul
    axis bank 850ce please any advice
    Like 0
    • Sourabh patil @Sourabh patil
      u can book profit tomorrow or trail ur stoploss for more levels
      Like 0

      • Comment Guidelines

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  • Mahesh Kumar @Mahesh Kumar
    I have 18000 call with 7 lot, will it provide profit tomorrow?
    Like 0
  • Mohan Kumar @Mohan Kumar
    I have 41200 pe. With 20 lots carrying from Friday. Please advice. Avg at 254.Rs
    Like 5
    • Amitsingh Kushwah @Amitsingh Kushwah
      @Mohan Kumar Please don't do this type of mistakes. Naked positions are very risky.
      Like 0
    • Karthik Karthikeyan @Karthik Karthikeyan
      monday afternoon session may comes down to 41000
      Like 0
    • Mohamed Jaffer @Mohamed Jaffer
      me tóo 40500 pe with 80 lots carrying from feb 27th. plz advice avg 230Rs
      Like 1

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  • Paresh Rathod @Paresh Rathod
    Hi
    Like 4
  • Komaravel C @Komaravel C
    friday I traded 10 quantity in but Side last hour can't exit what I do
    Like 0
    • mann vie @mann vie
      Sell on Monday as early as possible if you have taken put
      Like 0
    • ajay singh @ajay singh
      wait brother 2 days it's come put double
      Like 0

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