Nifty Bank crosses 43,515 on weekly chart

The Nifty Bank reached a new high of 43,515. The week was settled at 43,103 and 05 on the weekly chart. The previous week's closing level was 75, up 0.28 per cent over the previous week's closing level.

The banking index is above 21 DMA on the weekly chart, which may be a crucial support for the index. The momentum indicators MACD and RSI are currently in positive territory. We expect HDFC Bank andICICI Bank to be the front runners among private banks. The Bank of Baroda, Canara Bank and SEBI are solid and could make good gains in the upcoming week.

The December futures of the Nifty Bank are trading in at a 217.05 point. The strike of 43,000 has the largest Put options open interest OI concentration, which may provide support for the current expiry. There were large OI concentrations near at 43,500 Nifty Bank Call, which could serve as a barrier for the current expiry.

Aggressive long rollovers from earlier series to December series have been observed in the Nifty Bank. This indicates that traders who had previously taken a bullish posture have kept it and are rolling over their bets into the following month's contract as well.

Nifty Bank is in a positive rising channel with a higher high-higher low pattern.

A strong base is located in the 42,300 42,500 zones. If the index falls below these levels, the momentum would be heavily skewed. Traders and investors can take small profits with a trailing stop loss.