Nifty traded on positive note today. Strong rally was seen in last trading hours of the market. Nifty-50 futures rebounding from 9800 level, nifty gained a momentum of 50-60 points for the day. Banking sector pulled up on the news of bank merger approval. After slipping, today’s trading session provided a positive movement and a new hope for bulls, gaining the momentum. Again for further session 9700 will act as major support.
Bank Nifty Outlook
Bank Nifty Index saw a positive rally and almost a movement of 200 points held the bull’s head high for the day. PSU bank merger news lifted the hopes of traders and so a gain in index was seen, Union Bank pulling up from lower level gained more than 3% for the day, so was PNB and Andhra Bank. Further private players too performed well. Next 24500 can be seen as major resistance for the index.
Nifty Day Performance