F&O Talk| Nifty Bank may witness pullback rally if it stays above 50,400: Sudeep Shah of SBI Securities
Nifty witnessed a sharp recovery a day after monthly F&O expiry, to close near the all-time high with gains of 429 points or 1.7% at 24,835. The broader market too ended in green, up by more than 1%.
The Nifty50 index started on a flattish note this week considering global cues however there was a massive selloff which took place post Budget Announcement in the first half of this week. The second half of this week belonged to the bulls as they emerged in full strength taking the index back above 24,855 levels on an intra-week basis.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Chief Digital OfficerVisitIIM LucknowChief Executive Officer ProgrammeVisitThe markets witnessed a spectacular rally once Nifty crossed the crucial resistance level of 24,600 in Friday’s trading session where the bulls were totally in control of the markets, taking the prices higher effortlessly.
Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, SBI Securities interacted with ET Markets regarding the outlook on Nifty and Bank Nifty along with an index strategy for the upcoming week. Following are the edited excerpts from his chat:
Nifty had been looking for a direction post Budget, which it found on Friday when the index made a new all-time high. However, what are your views or reasons as to why this happened, and could the index make a strong directional move next week after
