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Bank Nifty witnesses bearish trend

Senior Technical & Derivative Analyst at LKP Securities Kunal Shah on Friday said that the Bank Nifty is witnessing a bearish trend, with bears exerting dominance from higher levels.

New Delhi, Jan 19,2024:  Senior Technical & Derivative Analyst at LKP Securities Kunal Shah on Friday said that the Bank Nifty is witnessing a bearish trend, with bears exerting dominance from higher levels.

He said that the index encounters strong resistance around the 46300 mark, posing a significant hurdle for any upward movement.

“Active put writing indicates a lower-end support at 45500; however, breaching this level may intensify selling pressure,” he said.

He said that the index is trading below short-term moving averages, signaling a bearish sentiment in the current market scenario.

Head of Research, Geojit Financial Services Vinod Nair said that a ‘buy on dips’ and encouraging global cues propelled the market’s recovery.

He said that today’s rebound was broad based. “However, investors are disappointed and expect moderation in the rally,” he said.

He said that as FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced.

“Sector rotation is likely to propel going ahead,” he said.

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