Nifty Bank recorded a decline from 48,143 as on December 15, 2023 to 47,491 as recorded on December 22, 2023, which corresponds to a decline of 1.3% in a week. Nifty50 closed at 21,349 on Friday, up 94 points.
Top losers in the index included Canara Bank, SBI, ICICI Bank, HDFC Bank and AU Small Finance Bank, while Kotak Mahindra Bank also saw some selling.
SBI and Canara Bank each closed with losses of over 1%.
Nifty Bank underperformed the Nifty 50 index on Friday but managed to hold on to key support levels. However, for the bulls to take control, a breakout above the 47,700 level is needed that could lift the index towards 48,000.
Kunal Shah, Senior Technical, said, “The Bank Nifty index faced selling pressure on the last day but managed to hold the key support level of 47,400.If the index fails to hold above this support. “There is a possibility of further decline towards the 47,100 level.” said a derivatives analyst at LKP Securities.
“On the upside, the immediate resistance lies at 47,700, and a break above this level could lead to short covering and push the index towards the 48,000-48,200 level,” he said. Stated.Level to track:
The Nifty Bank Index started flat on Friday but remained very volatile in a wide 500-point range throughout most of the trading session. The index formed a small candlestick on the daily chart.
“Nifty Bank has formed small bearish candlesticks on daily and weekly scales, suggesting a pause in the higher zone. However, as bank stocks continue to perform poorly, the index has It has continued to consolidate in a wide range between 47,000 and 48,200 zones for six sessions,” said Chandan Taparia, analyst and senior vice president, derivatives, Motilal Oswal Financial Services Limited.
“Currently, it needs to hold above the 47,500 zone to rise towards the 48,000 and then 48,219 mark, but a break below the same could see weakness towards the 47,250 and then 47,000 levels. ” Taparia recommended.
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