Nifty Bank: Key levels to watch on Thursday

A day before the weekly close on Thursday, Nifty Bank ended the day with a fall of around 265 points. On a daily scale, the Banking Index formed a Doji candle. Support for Nifty Bank is seen at 40,600 level while resistance is placed at 41,500 level.

Here’s how analysts read the pulse of Nifty Bank:

Kunal Shah, Senior Technical Analyst

Nifty Bank index faced resistance at higher levels where 42,000 would act as a barrier. The index is stuck in a broad range between 40,500-42,000 and a break on either side will set the trend for the index. On the derivatives front, highest open interest has been formed on the call side at 42,000 and immediate support is visible at 41,000 where fresh put writing is seen.

Sandalwood

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To continue the positive momentum of 41,500 zone, the index needs to hold further above 41,250 zone and lifetime high of 41,840 zone while downside support is present at 41,000 and 40,750 levels.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)

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