Nifty Bank recoups losses to close in green; next resistance seen around 48,000: Experts
Nifty Bank recouped losses on Wednesday to close in the green which suggests that bulls are here to stay.
The index rose 78 points to close at 47,624 while the Nifty50 fell 18 points to close at 22,434.
PNB, AU Small Finance Bank, Axis Bank, and SBI led the gains while some profit-taking was seen in Kotak Bank, Bandhan Bank, IndusInd Bank, and ICICI Bank.
The Nifty Bank bounced back from its crucial support levels, which is a positive sign for the bulls. On the upside, resistance is seen at 48,000, suggest experts.
«The Bank Nifty index experienced buying pressure from lower levels and managed to sustain above the support zone of 47,500-47,400,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said.
“However, it faces immediate resistance at 48000, and a decisive breakthrough could trigger further short-covering rallies towards the 49,000 mark,” he said.
“It's anticipated to consolidate within the range of 47400-48,000 leading up to the RBI policy announcement, with potential trending moves expected thereafter,” recommended Shah.
The Nifty Bank opened lower tracking muted global cues. It bounced back after retesting 47,279-47,300 levels. The index witnessed a sustained rise throughout the trading session.
It closed near Wednesday’s intraday high which suggests that bulls are ready to lead the rally. However, it could witness some resistance around 48,000.
“Bank Nifty Index formed a bullish green candle, which supports the general optimism. The index has faced constant resistance over the
