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Nifty Bank: Key levels to watch out for on Tuesday

After forming a small bullish candle on the daily scale, Bank Nifty The index closed the day with an increase of around 75 points. The index has been consolidating in the 40,500-41,500 range and analysts say traders should prepare for volatility in the coming days and trade on both sides.

Bank Nifty, near 52-week high, was trading above 7 out of 8 SMA. The index must hold above 41,000 zones to rally to 41,250 and 41,500 zones, while support is located at 40,500 and 40,250 zones.

Here’s how analysts read the Nifty Bank pulse:

Ruchit Jain, Research Team Leader, 5paisa.com
The Nifty Bank Index has so far outperformed the Nifty Index, where a reversal is yet to be seen. Support for Nifty Bank is placed around 40,400, below which it will enter a price wise correction.

Kunal Shah, Senior Technical Analyst at
Nifty Bank has seen consolidation in the 40,500-41,500 range and this is likely to continue ahead of the US FOMC meeting held this week. On the derivatives side, the Highest Open Interest on the Call side is built at 41,500 and the support shows up at 40,000, while the Highest Open Interest is built on the Buy side. Traders should prepare for volatility in the coming days and should trade both sides.

Chandan, Limited
The index must hold above 41,000 zones to rally to 41,250 and 41,500 zones, while support is located at 40,500 and 40,250 zones.

(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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