Indices: Stock market update: Nifty Bank index advances 0.12% in an upbeat market
The Nifty Bank index was trading 0.12 per cent up at 43818.3.
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The Nifty Bank index was trading 0.12 per cent up at 43818.3.
Nifty formed a Doji-type candle on Wednesday, indicating indecisiveness and volatility at highs, according to Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities. A close below the Doji candle low may prompt profit booking while a close above the Doji candle high could lead to new longs. Bank Nifty, meanwhile, has consolidated around the 20-Day Exponential Moving Average for five consecutive days, indicating that a decisive move in either direction could signal future direction. Analysts suggest that the support level is 18,700, while a rally above 19,000 is expected to lead...
The index has broken out of its higher high formation of the last five sessions. Now, it has to hold above 18,777 zones to witness an up move towards 18,888 and 19,000 zones, while on the downside support exists at 18,710 and 18,666 zones, said Chandan Taparia of Motilal Oswal.
The 30-share BSE Sensex closed up 159.4 points at 63327.7
The Nifty Bank index was trading 0.57 per cent down at 43688.7.