Advertisement
In the latest trading session on April 8, the Bank Nifty index soared to a historic peak, touching 48,716.95, driven by a wave of market enthusiasm. Analysts attribute this remarkable climb to the impressive performance of HDFC Bank, a key player in the Bank Nifty, which has been gaining traction alongside Axis and IndusInd Bank in recent days. This uptrend has significantly uplifted investor sentiment surrounding the Banking Index.
A potential breakthrough above the 48,750 mark holds promise for further gains, potentially propelling the index towards the 49,500 level. Senior Derivative Analyst at LKP Securities, emphasized the strength of Bank Nifty’s position, particularly if it maintains levels above 48,500, foreseeing a bullish trajectory towards 49,500. Conversely, a dip below 48,300 could dampen sentiment.
Industry experts suggest that as long as the index holds above 48,250, the positive momentum could extend to the 48,850-49,020 range. However, breaching the 48,250 support might invite selling pressure, potentially driving the index down to the 47,950-47,830 level. Significant options activity has also been noted, with Bank Nifty PCR currently above 1.20 and notable call writing observed at 48,500-48,700 strikes. This implies a trading range of 48,200 to 49,000 in the coming days, with a bullish inclination.