Nifty Bank: Key levels to watch out for on Tuesday

Nifty Bank continued to outperform the headline index Nifty on Monday by rallying 385 points or about 1 per cent higher to end the day above its immediate hurdle at 39,800. All the stocks in the index ended in the green, with , , and rising between 2-5 per cent.

Here’s how analysts read the Nifty Bank pulse:

Chandan

Taparia

, VP,

Motilal Oswal Financial Services

After forming a Bullish candle on the daily scale, Nifty Bank is forming higher lows from the last four sessions. Now, it has to hold above 39,750 zones for an up move towards 40,000 and 40,250 zones, whereas supports are placed at 39,500 and 39,250 zones.

Kunal Shah, Senior Technical Analyst at

LKP Securities

The index is trading in a strong uptrend with higher top and had higher bottom formations intact during all the time frames. Once the indexsurpasses the mentioned hurdle, it will see a strong move on the upside toward the 41,000-41,500 zone. The lower-end support stands at the 38,800-38,500 zone, where fresh put writing has been observed.

Mohit Nigam, Head - PMS, Hem Securities
For Nifty Bank, the major resistance can be seen at 40,200, and support is around 39,700.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)