Nifty Bank Support and Key Levels in View, Nifty Bank Futures Up 92 Pts

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Nifty Bank Support and Key Levels in View, Nifty Bank Futures Up 92 Pts
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market recovered opening losses and losses made during the day led by fag-end buying and ended higher on Tuesday.

Key sectoral index Nifty Bank ended 0.3% or 132.75 points higher at 43,766.5 levels on Tuesday, with most constituent stocks ending in the green. 

In a comment provided to Investing.com, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities noted that the Nifty Bank bulls were seen holding a support level of 43,400.

Currently, the index is trading within a broad range between 43,400 and 44,000, and a breakout on either side of this range is likely to result in trending moves, he stated.

However, as long as the support level of 43,400 is held, the analyst suggests a ‘buy-on-dip’ approach.

“Once the index surpasses the level of 44000 it will witness sharp short covering on the upside towards 45000 levels,” Shah added.

Private sector lender IDFC First Bank (NS: IDFB ) led the gains on the 11-scrip index, surging 2.3% to Rs 83.15/share in the session and nearing its 52-week high of Rs 84.5/share hit in the previous session on Monday.

Axis Bank (NS: AXBK ) and Bank of Baroda (NS: BOB ) supported the gains on Nifty Bank, closing up to 1% higher on Tuesday.

On the flip side, losses on the sectoral index were led by Bandhan Bank (NS: BANH ), with AU Small Finance Bank (NS: AUFI ) and IndusInd Bank (NS: INBK ) exerting pressure.

Further, Bank NIFTY Futures advanced 91.85 points or 0.21% to 43,879.95 levels.

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