Key Points
The Nifty Bank closed lower for the sixth day in a row on Monday, tracking muted cues..
The index fell 18 points to close at 46,575...
The Nifty Bank opened lower, but it failed to hold on to the momentum as it drifted lower towards 46,000 support where it managed to bounce back...
The Nifty Bank index recouped losses and closed above the crucial support of 46,500 levels..
However, selling was absorbed around 46,000 as buyers stepped in at lower levels, Rupak De, Senior Technical Analyst at LKP Securities, said.. Sentiment may improve in the near term, given that the index closed above the resistance of 46,500, he said.. Looking ahead, if the index surpasses 46,750, it could potentially move towards 47,000 and beyond in the short term..
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