Nifty Bank Support, Resistance Levels; Futures Advance 19 Pts

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Nifty Bank Support, Resistance Levels; Futures Advance 19 Pts
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market witnessed high volatility last week, with equity benchmark indices securing overall gains in the week.

Key sectoral index Nifty Bank closed 0.24% or 111.7 points lower at 46,075.2 on Friday, with constituent stocks ending on a mixed note. 

However, the index rose sharply by 2.8% in the previous week as opposed to an almost 1% jump each in benchmark indices Nifty50 and Sensex during the period. 

In a note provided to Investing.com, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities stated that the Nifty Bank index experienced a volatile trading session on Friday with both buying and selling pressure seen from market participants on both ends.

The volatility indicates indecision in the market and traders are closely monitoring the price movements, noted Shah.

“The option data suggests that the market may remain range-bound as there is significant option selling observed at the at-the-money (ATM) strikes. Option sellers often anticipate that the market will remain within a specific range during a certain period,” he added.

The analyst places the lower end support for Nifty Bank at 45,900, and states that if the index falls towards this level and holds, it may act as a support, preventing further downside.

However, on the flip side, the upside resistance is visible at the 46350-46400 levels. If the index manages to surpass this resistance area, it could signal further upward movement, he cited.

Bandhan Bank (NS: BANH ) and IDFC First Bank (NS: IDFB ) led the gains on the 12-scrip index on Friday, while Punjab National Bank (NS: PNBK ) was the worst performer, followed by Federal Bank (NS: FED ) and IndusInd Bank (NS: INBK ).

Further, Bank NIFTY Futures advanced 18.9 points or 0.04% to 46,170.3 levels.

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  • dilip patel @dilip patel
    Tomorrow closing ll be above 46500
    Like 5
    • rajkumar chaudhar @rajkumar chaudhar
      hii
      Like 0

      • Comment Guidelines

      We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

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  • Vinay Kumar @Vinay Kumar
    If it will be break 46333 level then the trend of upside
    Like 5
  • Arslaan Khan @Arslaan Khan
    It will break 46400 level brutally tomorrow. ICICI result are strong and positive sentiment are there .. by looking at the last 30 min buying in bank nifty its shows the position has been on the call (option buyer) and the major resitance shows at 47000 ( as per the option chain data ) Remark*- dont short the market until 47k or fed rate hike effect bank are strong
    Like 16
  • Sunil Yadav @Sunil Yadav
    Nifty will go towards 19950 on monday
    Like 10
    • Rupam Kumar @Rupam Kumar
      confirm h
      Like 1

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