nifty bank: Nifty Bank outperforms; SBI only one to end in red

Nifty Bank outperformed Nifty on Wednesday as all the 12 stocks in the pack, barring , ended in the green. The banking index ended 0.88 per cent higher against the Nifty’s 0.16 per cent rise.
was the top performer in Nifty Bank as it ended the day six per cent higher. , and ended in between 3-5 per cent higher.

India’s largest lender SBI ended marginally lower at 0.29 per cent at Rs 519.

Private banks outran PSU banks as Nifty Private Bank advanced 1.6 per cent against Nifty PSU Bank’s 0.5 per cent rise.

“The Bank Nifty index was the clear outperformer in today’s trading session and has surpassed the immediate hurdle of 39,000. The index remains in a buy-on-dip mode with immediate support at the 38,500 level where a strong base has been formed,” Kunal Shah, Senior Technical Analyst at

, said.

He said the next hurdle on the upside is placed at 39,200 and once taken out will see further short covering towards the 40,000 level on the upside.

Nifty Bank has been outperforming Nifty by rising over seven per cent year-to-date against the benchmark index’s flat return during the period.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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