Nifty Bank at 5-month high; may lead next leg of the mkt rally, charts show

A breakout in Nifty Bank index may trigger an upside of up to 15% in bank stocks. Here are the key levels one needs to keep a tab on for frontline bank stocks

NIFTYBANK
Likely target: 37,000 and above 37,708
Upside potential:   1.30% to 3.30%
 
In the past few months, the Nifty Bank Index has consistently struggled to rise above the 36,000 mark. A move above the 36,497 levels, which is the five-month high for the index, can take it up further. The daily and weekly charts suggest that a breakout above the above-mentioned level can see the index hit 37,000 mark and then record a new all-time high by crossing 37,708 levels.  

As long as the support of 35,750 is defended on a closing basis, the upside sentiment is likely