Nifty Bank climbs 46K; next resistance placed around 46,500: Experts
Nifty Bank index bounced back on Thursday to close above 46,100 levels tracking the positive trend seen in benchmark indices. It rose 157 points to close at 46,120 while the Nifty50 rose 31 points to close at 21,982.
IndusInd Bank, Bank of Baroda, PNB, SBI, and ICICI Bank were top gainers while selling was seen in Bandhan Bank, HDFC Bank, and AU Small Finance Bank.
The index still closed below the 50-DMA on the daily charts but the price action suggests that bulls should be in control and push the index towards 46,500-46,750 levels, suggested experts.
“Bank Nifty has held on to the support zone of 45,800 – 45,600 and witnessed a recovery,” said Jatin Gedia – technical research analyst at Sharekhan by BNP Paribas.
“Until today’s low (45,660) is not breached we expect the pullback to continue till 46,750 – 46,900,” he said.
The Nifty Bank edged higher to reclaim 46,300 levels in the first half of the trading session but failed to hold on to the momentum.
The index could face resistance around 46,500 level and a close above the same could trigger a short covering move towards 47,000, suggested experts.
«The BankNifty bulls displayed strength by defending the crucial support level of 46,000, resulting in a close above it and signalling active bullish activity at lower levels,” said Kunal Shah, senior technical & derivative analyst at LKP Securities.
“Nonetheless, the index is currently encountering significant resistance at 46,500, and a decisive breach above this level is anticipated to trigger additional short
