The index, which has been outperforming the benchmark index Nifty, surpassed the levels of 40,000 and formed a sizable bullish candle. Moreover, all components of the index ended in the green. Analysts see Nifty Bank having support at 39,000 levels and resistance at 40,700 levels. Momentum oscillators are in the strong buy zone and the index is trading above 8 out of 8 SMAs.
Hot Stocks: Brokerages view on Indigo, TechM & Yes Bank; Jefferies downgrades BSE
Jefferies lowered its rating on BSE, while Morgan Stanley upheld an overweight rating on InterGlobe Aviation and Tech Mahindra. Additionally, Kotak Securities advised selling shares