Sensex finished 477 points higher, Nifty in the lead 17,200; Rbl Bank Up 3%
Nifty Bank shouldn’t break the 34,000-strong base: Rohit Srivastava
Rohit Srivastava, founder and strategist at Indiacharts.com, believes that Nifty Bank should not exceed the base of 34,000. Bank stocks have been the main weak point in the market. “The market could test the 34,000 level again but may not exceed it and should eventually see a recovery in the banking and financial space,” he said.
Speaking on the Nifty50, he said the upside cutoff point would be around 17,290. “Once we get past that I don’t think there will be going back; we’ll be back. to 18,600 in the coming weeks. But until we get past 17,290, I leave open the possibility of some short-term volatility between here and another drop maybe below 17,000; that risk is there. It is still open until we get past that significant resistance, “he said.
“Until the end of the year or the first week of January, I think any negativity that exists should sort of be cleaned up within the next 5-6 days. If that doesn’t happen, we kind of are ready for a rally on So I think that’s the setup. Most sales are sort of over; panic troughs are in place as 16,400 are around the 40 week average or even very close to the 200 day average that a lot of people are looking at … It ends up being good support for this market, “he added.