Nifty Bank resistance at 48,200 level; all eyes on ICICI Bank, SBI, Bank of Baroda shares

Nifty Bank exhibited a notable bullish sentiment on the weekly chart, culminating in the formation of a bullish candle that concluded at the 48,143.55 level. This ascent followed a temporary dip to the 46,886 level earlier in the week. On the weekly chart, the Relative Strength Index (RSI) momentum indicator stands at around the 69 level, indicating a bullish sentiment in the market.

In the weekly context, the index reached a new all-time high of 48,219.95. This level was Nifty Bank’s key moving averages. Besides, the index closed the trading session very close to its all-time high at the 48,143.55 level. This marked a commendable 1.87 percentage increase compared to the previous week's closing figures.

Transitioning to the daily chart, a robust support level can be discerned at the 47,500 level. Notably, in the event of an upward trajectory, the expectation is that ICICI Bank will exhibit a superior performance within the private banking sector, whereas PSU banks like Bank of Baroda and SBI are anticipated to yield commendable gains in the upcoming week.

Examining the Nifty Bank December futures, they traded at a premium of 91.45 points compared to the Nifty Bank spot.
An analysis of the Open Interest (OI) distribution for Nifty Bank Put options reveals that the 48,000 strike holds the most substantial concentration. This level is poised to serve as a critical support point for the current expiration period. On the other side, Nifty Bank Call strikes at 48,200 and 48,500 exhibit notable OI concentrations, signifying potential resistance levels for the current expiry cycle.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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