Banks such as HDFC Bank and Kotak Mahindra Bank will lead the index downwards. If the index rises, one can expect Axis Bank, which is trading near its all-time high levels, and IndusInd Bank, to outperform. Banks such as HDFC Bank and Kotak Mahindra Bank will lead the index downwards. If the index rises, one can expect Axis Bank, which is trading near its all-time high levels, and IndusInd Bank, to outperform. Nifty Bank formed a bullish candle on the weekly chart, with large wicks on both the higher and lower sides. The index settled the week at 44,436.10 level, which was near its opening level of 44,253.65. It suggests the formation of a ‘Doji’ candle on the weekly chart.
The index reached a high of 44,779.65 last week and eventually settled 0.46 per cent higher.
On the daily chart, one can see a firm support for Nifty Bank near the 43,800-43,600 range. If the aforementioned support levels are breached, Nifty Bank may continue to fall. Banks such as HDFC Bank and Kotak Mahindra Bank will lead the index downwards. If the index rises, one can expect Axis Bank, which is trading near its all-time high levels, and IndusInd Bank, to outperform.
In the PSU banking space, PNB and Canara Bank are expected to go higher and deliver decent gains this week.
The Nifty Bank September futures traded at a premium of 165.40 points to the Nifty Bank spot.
The Nifty Bank Put option open interest (O) distribution shows that the strike of 44,000 has the highest concentration, which may operate as support for the ongoing expiry. Nifty Bank Call strikes 44,500 and 45,000 have considerable open interest and may act as resistance for the current expiry.
Nifty Bank faces stiff barrier between 44,800 and 45,000. If the Bank Nifty crosses the indicated resistance, it may rise to the 45,450 level.
(Bagadia is Executive Director at Choice Broking)
Disclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.
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