Nifty Bank Tech View, Upside Targets; Nifty Bank Futures Rise

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Nifty Bank Tech View, Upside Targets; Nifty Bank Futures Rise
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic indices ended on a higher note on Monday amid firm global cues and broad-based gains across sectors on Dalal Street, led by a rally in IT stocks and supported by banking, financial, auto and metal stocks.

The key sectoral index Nifty Bank ended 0.93% higher at 42,582.75 points on Monday after hitting the session’s high at 42,716.8. Nifty Bank Futures rose 0.9% to 42,741.

In a note provided to Investing.com, Kunal Shah, Senior Technical Analyst at LKP Securities states that Nifty Bank experienced some buying momentum and held the support level of 42,000, where aggressive put writing was observed.

“The is stuck in a broad range between 42,000 and 43,000, and a break on either side will provide a clear direction. The index within the range remains in a buy-on-dip mode, indicating upside targets of 42,900/43,000,” he adds.

All the constituents of the 12-scrip index ended higher on Monday, led by an over 3% gain in IndusInd Bank (NS: INBK ), followed by private lenders Axis Bank (NS: AXBK ), Bandhan Bank (NS: BANH ) and Kotak Mahindra Bank (NS: KTKM ).

Shares of the country’s largest lender State Bank of India (NS: SBI ) jumped 4.81% during the session, ending 1.17% higher at Rs 607.7 apiece.

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