Nifty Bank headed towards new peak, may even touch 47,000: Rupak De

economictimes.indiatimes.com:

Nifty Bank is now approaching its all-time high and can even zoom past the 47,000-level, says Rupak De of LKP Securities.

“The strong presence of Put writers at 46,000 has helped the index to stay in positive territory. The trend is anticipated to stay bullish as long as the Bank Nifty remains above the 46,000 mark. In the short term, there is potential for the Bank Nifty to reach levels around 46,700 and 47,000 on the upside,” he said.

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Edited excerpts from a chat:

We saw Nifty getting huge support from banks and IT stocks during the week. Do you see strong resistance coming around the 20,200-level or will the momentum continue towards 20,500?

Nifty continued to exhibit strength as the index reached new highs due to large-cap banks and IT stocks. Strong Put writing at 20,100 has further bolstered positive sentiment in the market. The trend is expected to remain positive as long as the Nifty remains above the 20,000 mark. In the short term, there is potential for the Nifty to move towards the 20,480-20,500 range on the upside.

While both Sensex and Nifty have hit new highs, Nifty Bank is yet to drive past its previous peak of 46,369.50 touched on 24 July. How to trade the banking index now?

The sentiment remains positive as the Bank Nifty approaches its all-time high. The strong presence of Put writers at 46,000 has helped the index to stay in positive territory. The trend is anticipated to stay bullish as long as the Bank Nifty remains above the 46,000 mark. In the short