Nifty Bank: Key levels to watch on Tuesday

Nifty Bank continued to outperform the headline index Nifty on Monday, up 385 points or nearly 1 per cent, to end above its immediate hurdle at 39,800. All the stocks in the index ended in the green with gains between 2-5 per cent.

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

Chandan, VP,
After forming a bullish candle on a daily scale, Nifty Bank is making high lows for the past four sessions. Now, it needs to be placed above 39,750 zone to move towards 40,000 and 40,250 zone, while support is placed at 39,500 and 39,250 zone.

Kunal Shah, Senior Technical Analyst
The index is trading in a strong uptrend with higher tops and higher bottom formations persisted across all time frames. Once the index crosses the mentioned hurdle, it will see a strong move towards the 41,000-41,500 area. Lower-end support lies at 38,800-38,500 zone, where fresh put writing is observed.

Mohit Nigam, Head – PMS, Hem Securities
For Nifty Bank, major resistance can be seen at 40,200 and support is near 39,700.

(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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