Here’s how analysts read the pulse of Nifty Bank:
Kunal Shah, Senior Technical Analyst at
The index broke the crucial 40,000 support and closed below it, confirming the breakdown and activating sell-on-rise mode. Index remains in sell-on-rise mode with hurdles at 40,500 and next support seen at 39,000.
Nifty Bank has formed a bearish candle on the daily scale and has been making lower highs – lower lows for the past three sessions. It formed a bearish candle on the weekly frame, negating its higher highs of the past three weeks. Until it stays below the 40,000 zone, weakness could be seen towards the 39,250 and 38,888 zones while hurdles are set at the 40,000 and 40,250 zones.
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https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-key-levels-to-watch-out-for-on-monday/articleshow/94403291.cms nifty bank: Nifty Bank: Key levels to watch out for on Monday