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The Indian market is facing stiff resistance at higher levels; the valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits, said Vinod Nair, Head of Research ...
The Nifty Bank snapped a six-day winning streak on Wednesday as traders preferred to book profits at higher levels. The Nifty Bank fell 74 points to close at 47,019 while the Nifty50 witnessed a cut of 141 points to close at 22,055.
The Nifty Bank remained in consolidation mode as it moved in the range of 47,363.40 - 46,886.95, intraday, before closing with minor losses at 47,019.70.
Nifty Bank index is anticipated to reach the short-term target of 48,000, with any dip viewed as a buying opportunity, said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Nifty Bank rallied for the fifth consecutive day in a row on Monday to close above 46,500 levels but profit-taking at higher levels suggests that the momentum could be fading out.