Nifty Bank Overview, Outlook: Sharp Recovery, Morning Star Pattern Formation

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Nifty Bank Overview, Outlook: Sharp Recovery, Morning Star Pattern Formation
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market indices ended with gains on Friday, while closing the volatile week with sharp cuts driven by the brewing banking crisis in the US.

Key sectoral index Nifty Bank surged 1.46% in Friday’s intraday trade, hitting the session’s high at 39,705.15 points and ended the day 1.2% or 465.5 points lower at 39,598.1 points on March 17, 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 stated that the Nifty Bank index showcased a sharp recovery from the lowest levels on Friday and formed a morning star pattern on the daily chart. 

He has indicated that if the index manages to hold the support of 39,000 on the downside, there could be a pullback rally towards 40,000. 

“A sustained move above 40,000 will open up room for a big rally toward the 41,000 level,” Shah added.

Private banking mega-caps Kotak Mahindra Bank (NS: KTKM ), HDFC Bank (NS: HDBK ) and ICICI Bank (NS: ICBK ) led the gains on the Nifty Bank pack in Friday’s session, jumping up to 2% each.

Barring IDFC First Bank (NS: IDFB ), all the stocks under the 12-scrip sectoral index ended the previous session radiantly in green.

Further, Bank NIFTY Futures buoyed 1.11% or 438.15 points to 39,834.35.

Benchmark indices Nifty50 rose 0.67% to close the March 17-ended week at 17,100.05 points, and Sensex added 355.05 points or 0.62%.

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  • Rajiv Sinha @Rajiv Sinha
    Market will be down or sideways, Indian mkt runs on sentiments
    Like 0
  • Raghunath Kesavanath @Raghunath Kesavanath
    Bank nifty will be strong. All good for India.
    Like 0
  • Joni Naik @Joni Naik
    39300-39200-39000-39200-39300-News-1.30 Europe Open-39000-38900-39850
    Like 0
  • Joni Naik @Joni Naik
    39300-39200-39000-39200-39300-News-1.30 Europe Open-39000-38900-39850 Close... Let's see
    Like 0
  • Pradeep sikarwaar @Pradeep sikarwaar
    39000 is a major support for now, can take a punt on gap down with the stop loss of 39000
    Like 0
  • Mukesh Sharma @Mukesh Sharma
    banknifty on Monday
    Like 1
  • subha prasad Mishra @subha prasad Mishra
    expecting gap down on monday
    Like 9
  • Rakesh Gandhi @Rakesh Gandhi
    Sir I have Call of Bank Nifty carryforward please suggest as global in red
    Like 6
    • Veerendra RAWAT @Veerendra RAWAT
      Bank Nifty startup is up but 90%Chanse of fall
      Like 0
    • Jasbir Singh @Jasbir Singh
      Erase all previious session gain in frist half. Hope to see some reversal in 2nd half.
      Like 0
    • hdfc duo merger will + effect on BN
      Like 0
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