Key Points
The Nifty Bank index closed lower on Friday for the sixth consecutive session..
The Nifty Bank fell 195 points to end at 46,694..
However, if the selling pressure continues the momentum could take the index towards 46,300-46,000 levels in the coming week...
"Bank Nifty continued its decline towards the anticipated support level of 46,300 and displayed a pullback towards 46,600, Aasif Hirani, Managing Director, Tradebulls Securities, said.. Throughout the week, the index showed persistent trend weakness by closing below its previous day's close, he said..
Immediate resistance for the BankNifty index lies at 47,000, coinciding with the 20-day moving average (20-DMA), Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said...
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Nifty Bank closes above 46,800; short covering move likely in coming week: Experts
22, Mar, 24The index closed above its crucial support of 46,500 for the second consecutive day, which is a positive sign for the bulls. The immediate resistance is placed at 47,000.
Nifty could take a breather but may resume uptrend towards 18100; Bank Nifty support seen at 41200
17, Apr, 23Nifty closed the week at 17828 levels up 1.3%. Broader markets relatively outperformed as Nifty Midcap and Small cap indices gained 1.75% and 1.5%, respectively.
Nifty to undergo consolidation in 18500-18000 range; Bank Nifty near overbought zone, gained 12% in 7 weeks
15, May, 23Nifty 50 has managed to retrace its 12 week decline (18,252-16,828) in just six weeks. The index is expected to go through a healthy consolidation.
IT largecap stocks not in overbought zone after Friday’s rally: Anand James
14, Jan, 24Largecap IT stocks, including Infosys and Tech Mahindra, have not yet reached overbought levels despite recent gains. Smallcap stocks have seen the most visible gains in the last year. Traders should be cautious as the earnings season begins, as history suggests a high chance of a monthly close in the red when entering the season at record peaks. Recent CPI readings from the US have prompted traders to reduce bets on Fed's rate cuts. The next fortnight could see objectives of 22240 and 22400, with a downside marker at 21790.
Nifty may extend consolidation in 17500-17800 range; Bank Nifty support placed at 41200 level
24, Apr, 23Bank Nifty continues to outperform the Nifty. The Bank Nifty/Nifty ratio line continues to trend higher and sustains above the major breakout area signalling an extended period of outperformance.
Don’t short Bank Nifty till it drops below 44,500: Rupak De
30, Sep, 23A decisive decline below this level could potentially drive the index towards 43,800/43,500. On the upside, 45,000 is likely to provide strong resistance,” he said.
Nifty to prolong ongoing consolidation in 18500-18000 range; Bank Nifty key support placed at 42700 level
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Realty stocks may be losing momentum, warns Anand James of Geojit
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Bulls likely to remain in control if dips do not extend beyond 18000-17800 in Nifty: Anand James
08, May, 23VIX has been near a record low, silently boosting traders confidence, and has risen over 17% over the week, but it is not yet at a level that points to an outright collapse.