The expectation is that the Nifty50 index will continue to perform well in the short and medium term, with the potential for reaching new highs
In such a case, further support for the Nifty Bank index is projected around 43,350, 42,600, and 41,500
Nifty50 and Bank Nifty indices crucial support (immediate) at 19,575 and 45,236; should be bought as the overall trend remains bullish, says Ravi Nathani
ICICI Bank Q1FY24 results: At the bourses, shares of ICICI Bank hit a new 52-week high of Rs 1,008 on the BSE, rising 1 per cent in the intra-day trade
ICICI Bank: Net profit is estimated to come in the range of Rs 8,654.9 crore to Rs 9,200 crore, down up to 5 per cent QoQ
With the Nifty Bank contracts using Wednesday as the day of expiry, there will be derivatives contracts expiring four days a week
It is crucial to set a strict stop loss at 19,525 to manage risk since resistance levels are projected at 19,380 and 19,490
According to Ravi Nathani, independent technical analyst, charts suggest bullish trend for both Nifty50 and Nifty Bank indices
Short term trend of the Bank Nifty has turned weak as it has closed below its 5 and 11-day EMA, says Nandish Shah of HDFC Securities
The Stochastic and RSI indicators are showing a downward slope for the Nifty Bank index, indicating a bearish outlook, says Ravi Nathani, an independent technical analyst
Technical analyst Ravi Nathani says the best trading strategy for near-term traders would be to sell Nifty Bank on rallies, with a stop-loss of 41,364
According to the technical analyst, the best trading strategy for traders would be to buy on dips with a strict stop loss of 16,800 on a closing basis for Nifty
The gauge for the performance of banking stocks - which also happens to have the highest weighting in the benchmark Nifty50 Index - last closed at 39,395
Analysts expect the underperformance in bank stocks to continue ahead as the current fears around the banking sector globally are likely to persist for some time
The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances
According to the technical analyst, traders must remain cautious while trading Nifty50, in order to maximise gains and minimise losses
According to the technical analyst, since the Nifty IT index trades at 30,870.20, it is on the verge of a positive breakout as it hovers near the key level of 31,255
18,125 will trigger some strength for bulls on Nifty50 index whereas the expected targets would be 18,180 - 18,225 - 18,300
The index hit an intra-day high of 4,145.45 before ending at 4,049, up 0.05%; m-cap at close was Rs 9.9 trillion
Global factors causing a slowdown and overexposure to this sector are key risks