Nifty Bank Tech View, Volatility Expected Ahead; Nifty Bank Futures Rise
By Malvika Gurung
Investing.com -- Indian equity benchmark indices made a flat closing on Wednesday ahead of key domestic and US inflation data scheduled to release on Jan 12.
The key sectoral index Nifty Bank ended 0.52% higher at 42,232.7 points on Wednesday after hitting the session’s high at 42,318. Bank NIFTY Futures advanced 0.37% to 42,375.
In a note provided to Investing.com, Kunal Shah, Senior Technical Analyst at LKP Securities said that Nifty Bank witnessed a volatile trading session but managed to hold the immediate support level of 42,000. The index found support on the lower end at 41700, where strong buying was visible.
He expects the index to remain volatile in the upcoming session, stating that a break below 41,700 would accelerate the move on the downside.
“The upper end of the intermediate resistance zone is seen at 42,350-42,400, and the short covering is expected towards the 42,700 level,” Shah added.
Constituents of the 12-scrip index ended mixed on Wednesday, with gains led by an almost 3% surge in the public sector lending stock PNB (NS: PNBK ), followed by HDFC Bank (NS: HDBK ) and IDFC First Bank (NS: IDFB ), while private sector lenders IndusInd Bank (NS: INBK ), Bandhan Bank (NS: BANH ) and Federal Bank (NS: FED ) led the losses.
Read Also: Nifty Resistance, Breakout & Key Levels As Traders Await India, US CPI
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