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PratapDarpan > Blog > Buisness > Market Insight > Nifty Bank sees profit-booking; 52,000 likely to act as support: specialists
Market Insight

Nifty Bank sees profit-booking; 52,000 likely to act as support: specialists

PratapDarpan
Last updated: 29 June 2024 11:30
PratapDarpan
11 months ago
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Nifty Bank sees profit-booking;  52,000 likely to act as support: specialists
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Nifty Bank closed in the red for the second consecutive day on Friday as traders opted to book profits at higher levels.

If consolidation continues, immediate support for the index could be placed at 52,000, experts suggested.

Bank Nifty fell 469 points to close at 52,342 while Nifty 50 fell 33 points to close at 24K.

Kotak Mahindra Bank, ICICI Bank and Axis Bank saw selling while SBI, Bank of Baroda and PNB were among the top gainers.

“The Bank Nifty index experienced its first meaningful correction after a non-stop rally in the previous week. To keep up the sales pressure, there needs to be a follow-up sale; Otherwise, the index may get stuck in a consolidation range,” said Kunal Shah, senior technical and derivatives analyst at LKP Securities.

“Immediate support is at 52,000, where most open interest is created on the put side, while immediate resistance is in the 52,700-53,000 zone,” he said.

Nifty Bank opened higher and quickly regained the 53,000 mark but failed to maintain the momentum and closed above 52,300.

“A familiar scenario is being observed now that whenever the price action of Bank Nifty is away from its 5-day moving average; We are seeing profit-booking and consolidation happening,” said Bhavik Patel- Senior Research Analyst, Tradebulls Securities.

“The same thing unfolded today (Friday) where after closing in the negative on Thursday, the bulls were unable to charge and extend the rally,” he said.

“Nifty Bank is in overbought zone, we were also advising not to hold any overnight positions and keep trades intraday and light. We reiterate the same advice as the market still feels stretched in the absence of any new triggers,” Patel highlighted.

A rise in CE writing to 53,000 followed by a decline in PE to 53,000 indicates a strong barrier. PCR ratio is also falling from 1.48 on 25th June to 0.67 with IV, indicating unwinding of puts.

“51,800 is the immediate support which is the low made on June 25th while the resistance is at 53,000. Bank Nifty will look to find a bottom around 52,000-51,700,” he said.

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

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