Nifty Bank breaches 47,000 mark; will the bull run continue on Wednesday?
economictimes.indiatimes.comNifty Bank closed in the green for the third consecutive day in a row on Tuesday supported by strong global cues.
The index rose nearly 600 points to close at 47,012. It hit a fresh record high of 47,230 on Tuesday.
The Nifty50 index climbed 20,800 levels to hit a fresh record high.
Top gainers include names like IDFC First Bank, SBI, ICICI Bank, Bandhan Bank and Federal Bank. Axis Bank, Canara Bank, Federal Bank, and ICICI Bank hit a fresh 52-week high on Tuesday.
The Nifty Bank index opened strong and continued its bull run but it failed to hold on to the momentum and witnessed some profit booking at higher levels.
The index formed a ‘Doji’ kind of candle on the daily charts which suggests indecisiveness among the bulls and bears.
The formation of a Doji candle suggests that the index could go through some consolidation in the near term but the target of 48000 is in sight, suggest experts.
«The Bank Nifty index maintained its robust buying momentum, although it formed a doji candle on the daily chart, suggesting a potential pause in the uptrend,” Kunal Shah, Senior Technical and derivative analyst at LKP Securities, said.
“A decisive breakout above 47,100, sustained over time, could propel the index toward 47500 levels, indicating further upward momentum,” he said.
Levels To Track
The Nifty Bank opened strong on Tuesday and rose to a record high of 47,230.
It witnessed some profit-taking at higher levels which pushed the index towards 46,653 levels.
“Nifty Bank witnessed some selling pressure from the 47,200 – 47,300 zone indicating selling pressure at higher levels. the hourly momentum indicator has triggered a negative crossover which is a sell signal,” Jatin Gedia – Technical Research Analyst at Sharekhan
