Bank Nifty index opened with a big gap up and registered an all-time high of 51,133.20
Neeraj Sharma,
AVP Technical and Derivatives Research
Asit C. Mehta Investment Interrmediates
Mumbai, June 3, 2024: “Bulls maintain their grip on Dalal Street, with the Sensex and Nifty opening at record highs. Following the general election exit poll, the market saw broad-based buying, with the expectation that the BJP will return to power. All sectoral indices closed in the green, with capital goods, PSU banks, oil and gas, power, and real estate up 5-7 percent. Technically, The index has formed a hanging man candlestick pattern on top, which requires further confirmation. The index has crossed the barrier of previous high of 23,110 and has managed to stay above it, indicating strength; however, tomorrow comes a major event, the outcome of the general election, which may cause market volatility. Thus, in the immediate term, 23,500-23,800 will serve as resistance points. On the downside, the recent breakout peak of 23,110 will act as first key support for the index, followed by 21 DEMA (Days Exponential Moving Average) 22620.
The Bank Nifty index opened with a big gap up and registered an all-time high of 51,133.20, finally settling the day on a positive note at 50,980. The Bank Nifty produced a hanging man candlestick pattern on top, which awaits further confirmation. The index has broken over the 49,975 barrier and continues climbing to new highs. As long as the Bank nifty remains above its breakthrough level, the bull runs might extend to 52,000-52,700. On the downside, trend line support is nearing 50600 levels, with the recent breakout point at 49,975.”
