The index has support at 40,000 levels while resistance was at 41,500 levels. Nifty Bank traded above 6 out of 8 SMAs. The MACD was also above its center and signal line, which is a bullish indicator.
Here’s how analysts read the pulse of Nifty Bank:
Kunal Shah, Senior Technical Analyst at
Nifty Bank saw selling pressures at higher levels and remains in a sell-on-rise mode as long as it stays below the 42k level. Immediate downside support for the index stands at 40,500 and a break below will open gates for further downside towards 39,000. The index is trading in a tight range between 40,000 and 42,000 and a break on either side will give the index directional movement.
It formed a bearish daily candlestick with a long lower shadow. Now it needs to cross and hold the 40,750 zones to continue the positive momentum towards the 41,000 and 41,250 zones, while on the downside there is support at the 40,500 and 40,250 levels.
(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times)
https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-key-levels-to-watch-out-for-on-friday/articleshow/94379877.cms nifty bank: Nifty Bank: Key levels to watch out for on Friday