Nifty Bank closed nearly 419 points or 1 per cent lower at 42,188.80 on January 6 as the Indian market was in the red for the third consecutive session. Investors remained cautious about possible rate hikes this year as US Fed minutes showed the central bank’s focus on containing inflation and a global economic slowdown.
The Sensex slipped below 60,000 to close at 59,900. Sensex moved below 59,700 intraday but recovered some losses. smelly Also closed down 132 points at 17,859.
11 of 12 Stock bank nifty The index was in the red with IndusInd Bank falling the most by 2.78%, or 33.85, from 1,182 on the NSE.
The only bank stock from the index bucking the trend was Bandhan Bank, which closed up 1.12 per cent or 2.70 on high 243.20.
“Bank Nifty index witnessed strong selling pressure at higher levels throughout the week and the index formed lower lows on the daily chart. The immediate resistance of the index is seen at 42,500 and the next support is at 42,000, which if breached This will pull the index towards 41,500 level, which will be the last hope for the bulls, said Kunal Shah, Senior Technical Analyst, LKP Securities.
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