Analysts urged caution on the Bank Nifty, after the index weakened in the past few days.
The Bank Nifty is currently in a “watch and watch” situation, as compared with the NSE Nifty 50, said Kunal Shah, senior technical and derivative analyst at LKP Securities Ltd.
The broader market in the past few weeks has witnessed a consolidation in a wider range, Shah said, adding large caps, private banks and Reliance Industries Ltd. have “assisted the markets at the higher end”.
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At the higher end, the resistance is at the 24,400\500 mark, he said.
“24,200\150 is a good demand zone for NSE Nifty 50,” Shah said. He advised investors to utilise the zone to buy, which will further help the index to move towards the 24,500 zone.
For Nifty Bank, Shah said the support levels are 52,000 and 51,800. The decline in HDFC Bank Ltd. over the past few days has made Bank Nifty weaker, according to him.
Indian benchmarks rose for the fifth week to record the best streak of weekly gains in over six months. The indices erased losses during the last leg of trade on Friday.
The NSE Nifty 50 settled 0.1% higher at 24,323.85, and the S&P BSE Sensex ended 0.1% lower at 79,996.60.
According to Avinash Goraskshakar, director at Research Profitmart Securities, the uptick in Bajaj Auto Ltd. and Shriram Pistons Ltd. in the market is due to the latter having an edge over other companies as it is one of the few who can provide pistons for CNG vehicles.
They also projected volume growth expansion in the auto market on the back of the launch of Bajaj Auto's CNG-powered motorcycle.
"A decent amount of volume is expected in this financial year. According to me, it's an experiment and if it succeeds, then you can expect a further volume growth expansion," Goraskshakar said.
He said the markets are also looking at green energy as a viable solution. Anything related to green energy and renewable energy is "going up", he said.
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