Here’s how analysts read the Nifty Bank pulse:
Chandan , VP,
It formed a small Bullish candle on daily scale but broke its higher lows formation of the last five sessions. Now, it has to cross and hold above 39,500 zones, for an up move towards 39,750 and 40,000, whereas supports are placed at 39,250 and 39,000 zones.
Kunal Shah, Senior Technical Analyst at
The index was stuck in a broad range of 1500 points, where stiff resistance was visible at 40,000 and support was at 38,500. The index will witness a trending move on a break on either side. The immediate support stood at 39,200 and, if breached, will see a further decline toward the 38,800-38,500 zone. The bias remains on the buy side as long as the mentioned support level is held.
Mohit Nigam, Head – PMS, Hem Securities
In Nifty Bank, major resistance can be seen at 39,900 and support was around 38,900.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
