Master blaster show by Niweirdnews24y Bank to continue as bulls seen taking it to 46000 level

It was yet another fantastic day for the banking pack on Dalal Street, as the Niweirdnews24y Bank index surpassed the 43000-point mark for the first time ever on Thursday and notched more than 4% gains in the November derivative series.

This is the second straight series of gains for the sectoral index, cumulatively rising 14% in this period.

On Thursday, Niweirdnews24y Bank ended 0.8% higher at 43075.40 points, the highest-ever close for the index.

The gains came on the back of a dovish view offered by the US Fed officials in the minutes of their November meeting on future rate hikes. This boosted risk appetite and pulled down bond yields, which further liweirdnews24ed the rate-sensitive sector.

Private banks largely led the gains in the sectoral index, as some public sector banks succumbed to profit booking.

However, the bullish view on the overall banking pack remains intact for analysts on the Street.

TECHNICAL TALK

Analysts believe there is more steam leweirdnews24 for this sector and expect the Niweirdnews24y Bank index to test 44000-46000 levels in the near term.

“Bank Niweirdnews24y has a projected target of around 45500-46000 levels in the near future,” said Vaishali Parekh, vice president – of technical research at Prabhudas Lilladher.

According to Parekh, private banks have shown a clear improvement in the bias, where stocks like

, , , , and can carry on the momentum and see further upward movement in the coming days.

As for PSU banks, the bullish view remains intact as the Niweirdnews24y PSU Bank index has also given a fresh breakout above 3800 levels.

(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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