Private Banks Gaining Momentum, Says DeMap
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India's private banking sector is again in the spotlight as major players such as Axis Bank, ICICI Bank, Kotak Bank, IndusInd Bank, and HDFC Bank are witnessing strong bullish momentum. As the Nifty index surges to new all-time highs, market analysts and traders are closely watching whether these banking giants can push the Bank Nifty index to its own record levels, given that it's just a few percentage points away.
What is DeMap by Definedge?
DeMap, an advanced analytical tool developed by Definedge, offers traders and investors a unique approach to market analysis using multiple charting methods and indicators.
DeMap stands out by providing market participants with in-depth insights into sectoral trends, helping them identify emerging opportunities in various sectors. Through its price patterns and trend identification tools, DeMap is a guiding torch for traders to stay ahead of market movements and align their strategies with real-time data. You can watch this video to learn about DeMap. Click hereBank Nifty: Poised for a Breakout?
The Bank Nifty index, comprising the largest banks in India, has been a key driver of market movements. While Nifty has already hit an all-time high, It is trailing slightly behind, just a few percentage points away from its peak. The question remains: Can these private banking giants propel Bank Nifty to new highs?According to technical analysis from DeMap, these banks exhibit strong chart patterns that indicate further upside potential. The Point & Figure charts for ICICI Bank and Axis Bank show clear breakouts above key resistance levels, signalling a continued bullish trend.
As the Nifty soars to a new all-time high, the Bank Nifty following suit to an all-time high may witness a short-covering rally to achieve new highs.
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Bank Nifty and Pvt Banks leading the day.
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Superb n thanks for the update
