Below is quote on Bank NIFTY hit all-time high by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd
The banking space has clearly provided the helping hand for our market in last couple of days. It was certainly needed after IT basket started sulking post the weak set of numbers from TCS. The way banking index is shaped up, any follow up in the coming session would provide an impetus for the next leg of the rally. As far as levels are concerned, 39000 is the immediate level to watch in the upward direction; whereas on the flipside, 38000 - 37500 are to be considered as key supports now. We advise not to get completely gung-ho and avoid creating aggressive positions at the current juncture.
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