Analysts bullish on Nifty Bank index despite low rollovers

The expert sees the Nifty Bank to settle its weekly expiry on Thursday at around 23,300 level

Although the open interest for the Nifty Bank hit its lowest since February, technical analysts expect a flat-to-positive movement on the index with a support of 23,000 level.

The Nifty Bank ended at 23,352, up 0.6%. The index is down nearly 3% from its all-time high of 23,897.85 hit on June 22, and has shed nearly 1% in the last one month.  

"One of the important observations for Bank Nifty is that the total open interest in this rate-sensitive index plunged around 28% in the June series," said brokerage Angel Broking in a technical note. 

The brokerage advised traders