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Master blaster show from Nifty Bank to continue as bulls appear to climb to 46000

It was another fantastic day for the Dalal Street banking group, as the Nifty Bank index broke the 43,000 mark for the first time on Thursday and recorded a gain of more than 4% in the November derivatives series.

This is the second consecutive streak of gains in the industry index, with a cumulative rise of 14% over the period.

On Thursday, Nifty Bank closed up 0.8% to 43,075.40, the highest close in the index.

The growth occurred against the backdrop of a dovish view of the US Federal Reserve in the minutes of their November meeting on the future rate hike. This increased risk appetite and lowered bond yields, which further lifted the interest rate sensitive sector.

Private banks generally led the gains in the sectoral index as some public sector banks succumbed to profit taking.

However, the bullish outlook on the overall banking package remains intact for Wall Street analysts.

TECH TALK

Analysts believe that there is still a lot of strength in this sector and expect the Nifty Bank index to test the 44000-46000 levels in the near future.

“Bank Nifty is projected to be around 45,500-46,000 in the near term,” said Vaishali Parekh, vice president of technical research at Prabhudas Lilladher.

Private banks showed a clear improvement in bias, Parekh said, while stocks like

. . . and may maintain momentum and see further upward movement in the coming days.

As for the PSU banks, the bullish sentiment remains the same as the Nifty PSU Bank index also made a new break above the 3800 level.

(Disclaimer: The recommendations, suggestions, views and opinions of experts are their own. They do not reflect the views of the Economic Times)

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