My Account
Follow us on:
Powered By
Start generating passive income with up to 10% rental yield and an expected IRR of 18%
Invest Now
Powered By
Unlock Your Trading Potential: Trade like Experts with SEBI registered creators, Learn from Courses & Webinars by India’s Finest Finance Experts.
Invest Now
The Bank Nifty index rebounded over 900 points from the day’s low, trding firmly in green above 45,700 on February 14, ahead of the weekly expiry, led by gains in State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Axis Bank, and ICICI Bank stocks.
Individually, SBI shares gained nearly 5 percent to hit 52-week high of Rs 747 per share amid investors’ increased confidence in public sector lenders.
Public sector banks have been hogging limelight in the past few sessions after the budget disclosed lower borrowing programme than initially projected. Moreover, the reduced fiscal deficit target of 5.1 percent of the GDP for FY25 also helped enhance a stable macro picture.
Follow our live blog for all the market action
Going ahead, analysts believe that the Bank Nifty would continue to oscillate in the range of 45,000-46,000 and would need a decisive breach on either end to solidify the trend.
“Bank Nifty is projected to move within a wider scope, with levels anticipated within 45,000-46,000, attributed to substantial open interest in put and call options,” said Shrey Jain, founder and CEO of SAS Online, India’s Deep Discount Broker.
Also read: SBI, PNB, other PSU Bank stocks gain in dull market after Budget announcement. Here’s why
In the past four sessions, Bank Nifty has been gripped between 45,800 and 44,800 points. Investors would need a decisive breach on either side for further confirmation of the trend, said Vaishali Parekh, vice-president of technical research at Prabhudas Lilladher.
“The index has been maintaining the important 200-day moving average of 44,900 as crucial support zone as of now. The Bank Nifty would have the daily range of 45,000-46,000,” she added.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
You are already a Moneycontrol Pro user.
Access your Detailed Credit Report – absolutely free
SBI stock jumps 5%, pulls Bank Nifty up 200 points into green; Bank of Baroda, PNB rally too – Moneycontrol
Leave a comment