Daily Technicals Nifty Bank

Positive divergence may push Sensex and NIfty in a bullish trend for coming sessions, show technical charts.

if the Bank index succeeds to close over 41,000 mark, which is right above its 21-DMA, the short-term upside may poised to rally towards 42,000 level,

According to the technical analyst, Bank Nifty's break out from within the range of 41,725 to 42,725, would indicate a trend change in the charts

10,500-10,700 may act as a strong resistance going forward, considering that foreign investors may book profits at higher levels

Benchmark indices, S&P BSE Sensex and NSE's Nifty gained ground on Wednesday, a day after Prime Minister Narendra Modi announced a Rs 20 trillion economic boost for Covid-19 hit economy

Nifty PSU Bank index is showing a consolidation in the range of 1,600 to 1,200 levels. On the other hand, 22,000 mark is crucial for Nifty Bank.

The candlestick formations on the benchmark indices show a 'Bullish Engulfing' pattern, which suggests a change in sentiment to positive

The benchmark indices are holding the positive sentiment

The Nifty Bank has seen a sharp rally from 27,750 to 32,150 levels in the last 33 sessions. It witnessed one session of a "gap-up" close, whose range of 30,860 - 30,789 is not even filled

The daily chart shows buying around 40,200. If this level holds, then a further upside looks certain. Although, MACD trades with a negative crossover, the charts do not indicate any major weakness

The index had witnessed 10 per cent correction from June, 2019 and an upside of over 5 per cent in the past two sessions has strengthened the positive view on the technical charts

A bigger upside rally is expected only if it has added volumes and the Sensex is able to hold above the resistance zone

The Nifty Bank has corrected 1.85 per cent from its recent high of 27,430 in the last four trading sessions.