Key Points
The Nifty Bank rose 1% on Thursday to reclaim the 48,000 mark, tracking positive global cues...
The index rose 436 points to close at 48,060 while the Nifty 50 closed with gains of 80 points to hit a fresh record closing high of 22,515..
"Following a strong resurgence, the Bank Nifty surged past the significant resistance level of 48,000, coinciding with the peak open interest on the call side, said Kunal Shah, senior technical & derivative analyst at LKP Securities...
The immediate support for the index has now shifted to 47,500, where the highest open interest is concentrated on the put side, he said.. Post the RBI policy announcement, sustaining above the 48,000 level is crucial for the continuation of the uptrend towards the 49,000/50,000 levels," recommended Shah...
The Bank Nifty index maintained its positive closing ahead of the crucial event trigger, but it also formed another "Spinning Top/Doji" candlestick pattern, which denotes indecision or lack of confidence, said Sacchitanand Uttekar, VP- Research ( Technical & Derivatives), Tradebulls Securities...
