Nifty Bank: Key levels to watch out for on Monday

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The outcome of the US Fed monetary policy has left Nifty Bank among the worst performing index in India. On Friday, it crashed around 1,084 points to end the week at 39,546.25. Chart readers said that key resistance and support levels for the index are 40,000 and 39,000, respectively, as it remains on sell-on-rise mode.

Here’s how analysts read the Nifty Bank pulse:

Kunal Shah, Senior Technical Analyst at

The index breached the crucial support of 40,000 and closed below it, confirming the breakdown and activating the sell-on-rise mode. The index remains in a sell-on-rise mode with hurdles at 40,500 and the next support is visible at 39,000.

Chandan

,

Nifty Bank formed a Bearish candle on the daily scale and has been making lower highs – lower lows from the last three sessions. It formed a Bearish candle on the weekly frame and negated its higher highs of the last three weeks. Now till it remains below the 40,000 zone, weakness could be seen towards 39,250 and 38,888 zones whereas hurdles are placed at 40,000 and 40,250 zones.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



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