Nifty Bank Overview, Outlook: Key Levels to Watch Out For; BoB Shines

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Nifty Bank Overview, Outlook: Key Levels to Watch Out For; BoB Shines
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The key sectoral index Nifty Bank ended 0.1% or 42.15 points higher at 40,387.45 points on Monday, with most constituent stocks ending on a positive note.

The public sector lender stock Bank of Baroda (NS: BOB ) was the best performer on the 12-scrip sectoral index, surging up to 4.18% on Monday, followed by gains made by IDFC First Bank and ICICI Bank (NS: ICBK ).

Two stocks ended in the red on the sectoral index, led by a 2% fall in IndusInd Bank (NS: INBK ), followed by Axis Bank (NS: AXBK ).

Further, Bank NIFTY Futures ended 0.22% higher at 40,751.8.

In a note provided to Investing.com, Kunal Shah, Senior Technical Analyst at LKP Securities said that the Nifty Bank index continued to witness selling pressure, witnessing high volatility during the day.

“The index is likely to trade in a broad range between 39500 and 41525, where put and call writing are visible, respectively. If the index can hold the 39800 support level, we could see a pullback rally to the 41000-41500 levels,” Shah added.

Further, the domestic headlines ended higher on Monday after declining for the most part of the session, with benchmark indices Nifty50 closing 0.25% higher at 17,648.95 points and Sensex up 0.29% or 169.51 points at 59,500.4 in a volatile session.

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  • Hemant Shejwal @Hemant Shejwal
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