Nifty Bank closes above 47K after 10 sessions; may face resistance around 47,500 next week: Experts
Nifty Bank closed above 47,000 on Thursday after 10 sessions. The index had closed at 47,282 on March 12.
The Nifty Bank gained 338 points to close at 47,124, while on the weekly front, the index rose 0.5%. The Nifty50 gained more than 200 points to close at 22,326 on Thursday.
The Indian market will remain shut on Friday on account of a public holiday.
SBI, Bank of Baroda, PNB, and ICICI Bank were among the top gainers, while some selling was seen in IDFC First Bank, Axis Bank, and Bandhan Bank.
The Nifty Bank index closed above its crucial psychological resistance of 47,000 and now a close above 47,500 will open room for the index to head towards 48,000.
The index is now trading above crucial short and long-term moving averages such as 5, 10, 30, 50, 100, and 200-DMA on the daily charts.
«After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said.
“Despite this, it faced resistance around the 47,500 mark. A decisive breach above this resistance could propel the index towards the 48,000 level,” he said.
“Conversely, the immediate support is situated at the 47,000-46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario,” recommended Shah.
The Nifty Bank opened higher and gradually built momentum throughout the trading session. The index faced some
