Nifty Bank rallies over 1%; next target seen around 50,000-51,000: Experts
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Synopsis
AU Small Finance Bank, SBI, Bandhan Bank rose 1-2% respectively. HDFC Bank rose 0.8%, ICICI Bank rallied 1% and Kotak Bank was up 1.1%
By Kshitij Anand, ETMarkets.com
Last Updated:
The Nifty Bank rallied more than 1% on Friday and 1.6% for the week ended 7th June 2024 supported by positive domestic cues.
AU Small Finance Bank, SBI, Bandhan Bank rose 1-2% respectively. HDFC Bank rose 0.8%, ICICI Bank rallied 1% and Kotak Bank was up 1.1%.
The Nifty Bank rallied for the third consecutive day in a row to close the week with gains of 1.6% and the next big resistance is seen at 50,000-51,133 for the coming week.
"Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest,” says Rupak De, Senior Technical Analyst, LKP Securities.
“The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests potential for further upward movement if the resistance is breached,” he said.
The Nifty Bank opened higher to climb steadily to reclaim 49,900 levels. It witnessed mild profit booking at the top but managed to close above 49,800 levels.
"Bank Nifty continued its upside momentum after yesterday’s consolidation and is within sniffing distance of 50,000. RBI’s policy was on expected lines and Modi 3.0 government formation gave some push to the markets,” says Bhavik Patel, Senior Research Analyst, Tradebulls Securities.
“Bank Nifty range is shifting higher now at 49,500-51,000 compared to 48,000-49,500 previous week,” he said.
“Bank Nifty is trading above its 5 and 21-day moving average for the second day in a row with momentum oscillator RSI_14 showing return of strength,” highlighted Patel.
“Above 50,000, the next target for Bank Nifty would be 50,500-50,600 while on the lower side, support still stands around 48,750 where 21-day moving average,” recommended Patel.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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The index rose 511 points to close at 49,803 while the Nifty50 rallied 468 points to close at 23,290.AU Small Finance Bank, SBI, Bandhan Bank rose 1-2% respectively. HDFC Bank rose 0.8%, ICICI Bank rallied 1% and Kotak Bank was up 1.1%.
The Nifty Bank rallied for the third consecutive day in a row to close the week with gains of 1.6% and the next big resistance is seen at 50,000-51,133 for the coming week.
"Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest,” says Rupak De, Senior Technical Analyst, LKP Securities.
“The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests potential for further upward movement if the resistance is breached,” he said.
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The Nifty Bank opened higher to climb steadily to reclaim 49,900 levels. It witnessed mild profit booking at the top but managed to close above 49,800 levels.
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"Bank Nifty continued its upside momentum after yesterday’s consolidation and is within sniffing distance of 50,000. RBI’s policy was on expected lines and Modi 3.0 government formation gave some push to the markets,” says Bhavik Patel, Senior Research Analyst, Tradebulls Securities.
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“Bank Nifty range is shifting higher now at 49,500-51,000 compared to 48,000-49,500 previous week,” he said.
“Bank Nifty is trading above its 5 and 21-day moving average for the second day in a row with momentum oscillator RSI_14 showing return of strength,” highlighted Patel.
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“Above 50,000, the next target for Bank Nifty would be 50,500-50,600 while on the lower side, support still stands around 48,750 where 21-day moving average,” recommended Patel.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
