Nifty Bank closes above 48K; immediate resistance seen around 48,500: Analysts
Nifty Bank closed in the green for the fourth consecutive day on Wednesday which helped the stock to reclaim 48,000-48,100.
The Nifty Bank rose 218 points to close at 48,189, while the Nifty50 rose 34 points to close at 22,402.
HDFC Bank, Bandhan Bank, ICICI Bank, Axis Bank, AU Small Finance Bank, and Kotak Mahindra Bank were among the top gainers while selling was seen in Bank of Baroda and IDFC First Bank.
The Nifty Bank climbed above 48,000, a positive sign for the bulls, and the next big resistance is seen around 48,500, suggest experts. Traders can deploy a buy-on-dips strategy as the trend is largely on the upside.
«The Bank Nifty saw a sideways trading session following a positive start, holding firm around the support zone of 48000-47800,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said.
“Immediate resistance is noted at 48,500, and a decisive breakthrough could signal further upside towards 49,500/50,000 levels,” he said.
“With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as buying opportunities,” recommended Shah.
The Nifty Bank opened above 48,100 levels in opening trade and quickly climbed to 48,200. However, it spent most of the trading session around its intraday high.
The index closed around the intraday high of 48,246, which suggests that bulls are here to stay. Based on the options data, big resistance is seen around 48,200 strikes and 48,500 strikes, suggest experts.
“Bank Nifty held on to its opening gains and
