Analysts upbeat on Bank Nifty
Forecast 44,444-45,000 range for banking index; Bank Nifty records 17% rise in futures OI in current May expiry
The NSE Nifty Bank index is likely to move towards 44,444 and 45,000 points, if it stays above 44,151 points touched on Monday, said experts.
The Nifty Bank index of NSE on Monday crossed 44,000 mark and touched a high of 44,151.70 points. However, on Tuesday, the banking index fell 168.40 points or 0.38 per cent to 43,903.70 points.
“If the index manages to stay above the previous high of 44,151, it is likely to move toward the 44,444 and 45,000 levels,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
According to Meena, the Nifty Bank index has been demonstrating strong leadership and is expected to reach a new all-time high.
“However, it is important to acknowledge the possibility of profit booking at this level. If the index manages to stay above the previous high of 44,151, it is likely to move toward the 44,444 and 45,000 levels," Meena said.
On the downside, the rising 20-day moving average (DMA) offers a robust support level, currently located at the 43,000 level, and is expected to counter any potential pullbacks. It is worth noting that a significant profit booking may only occur if the index falls below the 20-DMA, Meena said.
