PNB, Axis Bank, IndusInd Bank, and Federal Bank were the top gainers while selling was seen in Kotak Mahindra Bank, HDFC Bank, SBI, and ICICI Bank.
The Nifty Bank found some resistance around the 20-DMA on the daily chart. A close below 46,406, which is also the 50-DMA, could trigger a fresh round of selling.
“The Bank Nifty Index ended today’s (Tuesday’s) session at 46,620, marking a decline of 250 points. Despite attempting to rise, it faced resistance at 46,770 (20-Day Exponential Moving Average level),” said Sacchitanand Uttekar, VP- Research ( Technical & Derivatives), Tradebulls Securities.
“Nonetheless, the support at 46,550 prevented further decline. Notably, it formed a “Bearish Pin Bar” candlestick pattern, indicating rejection from higher price levels,” he said.
“If Tuesday’s intraday low is breached, immediate support levels are at 46,400-46,250. On the upside, the resistance is seen at 46,900-47,275,” recommended Uttekar.The Nifty Bank, which opened higher, failed to hold on to the momentum and slipped gradually to retest the 46,500 level. A decisive close above 47,000 could trigger a fresh round of buying, suggested experts.”The Bank Nifty index experienced a subdued start to the truncated week with sideways trading. Immediate resistance is noted at 47,000, and a decisive close above this level could trigger significant short-covering rallies towards the 48,000 mark,” said Kunal Shah, senior technical & derivative analyst at LKP Securities.
“Conversely, immediate support is situated around the 46,500-46,450 zone. A breach below this support area may accelerate downside momentum towards the 46,000 level,” he said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
