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Convenient banking: Nifty Bank: Key levels to watch out for on Monday

The result of US Fed monetary policy has left Bank Nifty among the worst performing indicators in India. On Friday, it fell around 1,084 points and ended the week at 39,546.25. The key support and resistance levels for the index are 40,000 and 39,000, respectively, as the index remains in bullish sell mode, chart readers say.

This is how analysts read Nifty Pulse bank:

Kunal Shah, Senior Technical Analyst at

The index broke the critical support of 40,000 and closed below it, confirming the break and triggering a sell-bullish mode. The index remains in sell-bullish mode with resistance at 40,500 and the next support at 39,000.

Chandan

,

Nifty Bank has formed a Bearish candle on a daily scale and is making lower highs – lower lows from the past three sessions. It formed a Bearish candle on the weekly frame and negated its higher of the past three weeks. Now until it remains below 40,000 zone, weakness can be seen towards 39,250 and 38,888 zone while hurdles are placed in 40,000 and 40.250 zone.

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

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