Key Points
The Nifty Bank gained 338 points to close at 47,124, while on the weekly front, the index rose 0.5%..
The Nifty Bank index closed above its crucial psychological resistance of 47,000 and now a close above 47,500 will open room for the index to head towards 48,000...
"After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said...
A decisive breach above this resistance could propel the index towards the 48,000 level, he said.. Conversely, the immediate support is situated at the 47,000-46,800 zone..
"With confidence, the Bank Nifty Index broke through the 47000 resistance..
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