nifty bank: Nifty Bank: Key levels to watch out for on Monday

The outcome of the Federal Reserve’s monetary policy has made Nifty Bank one of the worst-performing indexes in India. On Friday, it plunged around 1,084 points to end the week at 39,546.25. Chart readers said the key resistance and support levels for the index lie at 40,000 and 39,000 respectively as it remains in sell-on-rise mode.

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.

Chandan

,

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.

(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-monday/articleshow/94403291.cms nifty bank: Nifty Bank: Key levels to watch out for on Monday

Russell Falcon

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