The Financial Express
Bank Nifty jumped 1.4% or 600 points today, touching an intraday high of 42,714.15. Analysts believe ICICI Bank’s strong Q4 results pushed the banking index upward. Meanwhile, the NSE Nifty 50 surged over half a percent, surpassing the crucial 17700 level. Today’s top gainers on the Bank Nifty were IDFC First Bank, ICICI Bank, State Bank of India, Axis Bank and Bank of Baroda while the losers were IndusInd Bank, Kotak Bank and AU Bank.
“Stellar Q4 numbers of ICICI Bank, which weighs 24% in the Bank Nifty, lifted the index today. Bank Nifty is poised to see 42600-960. Day’s support is at 42400, while the present upswing would be intact as long as 42290 holds,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“Bank Nifty on the daily timeframe is seen to be continuing the bullish trend as bulls take the front seat after a sideways consolidation since the previous five sessions. The options data suggests short covering and the undertone remains bullish as long as bank nifty holds the levels of 42300 as put writers are fiercely active on 42500, 42300 and 42000 and call writers are active on 42700 and 43000. Buy on dip strategy can be implemented in bank nifty for targets of 43000. Technical indicator RSI is at around 69 and is showing strength by sustaining above 50 levels. First support is seen at 42500, second at 42300 and third at 42000 while the first resistance is placed at 42700, second at 43000 and third at 43300,” said Mitesh Karwa Research Analyst at Bonanza Portfolio.
“Weekly support for Bank Nifty is near 42000 and resistance at 42820. And close below support it can test 41570 and weekly close above resistance, there are high possibilities of new highs in the market. Bank Nifty’s all-time high is at the 44151.80 mark. Bank Nifty’s 200-DMA is placed at the 40357 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Bank Nifty range of 42600–43000 represents an immediate supply zone; above this, a rally towards the range of 43500–44000 levels is to be anticipated. On the downside, 41200–41000 is a significant support zone, and 42000–41700 is an instant demand zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
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The Financial Express