News Karnataka
Wednesday, April 24 2024

Bank Nifty in Bearish Trend, Strong Resistance from Higher Levels

Bank Nifty,Bearish Trend,Resistance Levels,Active Put Writing
Photo Credit : IANS

New Delhi: Senior Technical and Derivative Analyst at LKP Securities Kunal Shah on Friday said that the Bank Nifty is witnessing a bearish trend, with bears exerting dominance from higher levels.

He said that the index encounters strong resistance around the 46300 mark, posing a significant hurdle for any upward movement.

“Active put writing indicates a lower-end support at 45500; however, breaching this level may intensify selling pressure,” he said.

He said that the index is trading below short-term moving averages, signalling a bearish sentiment in the current market scenario.

Head of Research, Geojit Financial Services Vinod Nair said that a ‘buy on dips’ and encouraging global cues propelled the market’s recovery.

He said that today’s rebound was broad-based. “However, investors are disappointed and expect moderation in the rally,” he said.

He said that as FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced.

“Sector rotation is likely to propel going ahead,” he said.

Read more:

Sensex Plummets 1,600 Points, Nifty Records Largest Single-Day Loss Since 2022

Tata Motors Stock Doubles in a Year, Up 19 Per Cent on Nifty

Nifty in Biggest Drop Since Oct 26 on FII Selling, Covid Cases

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