Bank Nifty Write Up : The BANKNIFTY has been the weakest link of late and in-line with this Say`s Sneha Seth, Angel One Ltd
Below The Bank Nifty Write Up" by Sneha Seth, Derivatives Research Analyst, Angel One Ltd
The BANKNIFTY has been the weakest link of late and in-line with this, we witnessed a soft opening in tandem with benchmark. However, initially both key indices had divergent moves and surprisingly, the banking index was showing tremendous resilience this time, courtesy to some strength in the PSU banks. This helped the index surpass the important psychological level of 44000. However, in line with recent trends, maintaining these higher levels proved to be challenging. Fresh buying emerged around the intraday lows after a bout of profit-taking in the middle of the session, ultimately resulting in the index closing the day just below 43900 with a negligible loss.
Technically speaking, no significant alterations were observed on the weekly expiry session and the index continued to trade within a confined range. Currently, it is important to observe a decisive breakthrough above the range of 44000-44200, coinciding with the 89 EMA on the daily chart. Until this situation, the index is likely to remain in a consolidation phase, with 43500-43700 serving as a cushion against any intraday fluctuations.
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