Nifty Bank Overview, Next Hurdle, Key Levels to Watch For
By Malvika Gurung
Investing.com -- The key sectoral index Nifty Bank ended 0.89% or 366.15 points higher at 41,648.35 points on Tuesday, with constituent stocks ending on a mixed note.
In a note provided to Investing.com, Kunal Shah, Senior Technical Analyst at LKP Securities pointed out that the Nifty Bank index managed to hold the support level of 41,000, where the ‘huggers open interest is built up on the put side’.
He noted that the index surpassed the immediate hurdle of 41,500, which had the highest open interest build-up on the call side.
“The index's next hurdle is at 42000 and once surpassed will witness sharp short covering towards 43,000-43,500 levels,” Shah added.
The public sector lender stock Bank of Baroda (NS: BOB ) was the best performer on the 12-scrip sectoral index, surging 2.5% in the session, followed by gains made by top private sector lenders ICICI Bank (NS: ICBK ) and Axis Bank (NS: AXBK ).
The private sector bank IDFC First Bank (NS: IDFB ) was the top loser on the sectoral index in focus, followed by Bandhan Bank (NS: BANH ) and Federal Bank (NS: FED ).
Further, Bank NIFTY Futures ended 0.78% higher at 41,705.
Further, the domestic headlines ended higher on Tuesday after making a positive opening, with benchmark indices Nifty50 closing 0.89% higher at 17,929.85 points and Sensex up 0.99% or 600.4 points.
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Sanjiv Bhasin, Rakesh Damani had given a call yesterday that IDFC First Bank 1st Target is 63 and 2nd target of 66. As Promoters have increased stake to 39.99% this is max in any Public Bank and profits are getting doubled.Like 0
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@ Raj Thete- Brother that might be your assumptions as Market is never predictable such straightLike 2
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Tomorrow 42000 hurdle will be braked 1000%Like 4
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