Nifty Bank: Nifty Bank: Key levels to watch on Monday
The US Fed monetary policy result has left Nifty Bank among the worst-performing indices in India. On Friday, it had closed the week at 39,546.25, down nearly 1,084 points. Chart readers said that the key resistance and support levels for the index are 40,000 and 39,000 respectively, as it remains in a sell mode.
Here’s how analysts read the pulse of Nifty Bank:
Kunal Shah, Senior Technical Analyst
The index broke the crucial support of 40,000 and closed below it, which confirmed the breakdown and activated the sell-on-rise mode. The index is in a sell mode with hurdles at 40,500 and the next support is seen at 39,000.
Nifty Bank formed a bearish candle on the daily scale and has been forming low high-low low for the past three sessions. It formed a bearish candle on the weekly frame and negated its past three week highs. Now as long as it stays below 40,000 zone, weakness can be seen in 39,250 and 38,888 zone while hurdles are placed in 40,000 and 40,250 zone.
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