Bank Nifty Can Test This Level In The Coming Days
The benchmark stock indices ended higher for the sixth consecutive session, with the NSE Nifty 50 closing at an all-time high.
![<div class="paragraphs"><p>NSE building in Mumbai. (Source: Vijay Sartape/NDTV Profit)</p></div>](https://media.assettype.com/bloombergquint%2F2023-09%2F773cc6df-edab-4c21-83fc-8f3f070ee927%2FNSE_National_Stock_Exchange_building___Source_Vijay_Sartape_BQ_Prime__030423.jpeg?rect=0%2C0%2C1600%2C900&auto=format%2Ccompress&w=200)
The Nifty Bank is set to test the 48,000-level and can head even higher while the risk-reward ratio is favourable, according to Soni Patnaik, assistant vice president, JM Financial Services Ltd.
"The Bank Nifty is looking good at the current levels. 46,000 is an immediate good support. From 47,000, the next step is to test 48,000 and can head even higher. The risk-reward ratio is also favourable," she told NDTV Profit.
Nifty Bank closed 1.20% higher at 47,094.20 on Tuesday.
The benchmark stock indices ended higher for the sixth consecutive session, with the NSE Nifty 50 closing at an all-time high.
The Nifty ended 74.70 points, or 0.34%, higher at 22,196.95, while the S&P BSE Sensex closed 349.24 points, or 0.48%, up at 73,057.40.
![Bank Nifty Can Test This Level In The Coming Days](https://media.assettype.com/bloombergquint%2F2024-02%2F25931659-d216-4426-8dd8-1a35159610e7%2FWhatsApp_Image_2024_02_20_at_18_36_54.jpeg?auto=format%2Ccompress)
The recent U.S. inflation data has set off worries regarding the timing of interest rate cuts and is having a bearing on outlook for Indian information technology companies, said Dharmesh Kant, head of equity research at Chola Securities Ltd.
Unless the Federal Reserve cuts rates in June, large-cap IT companies will struggle as they are short of products in spaces like generative artificial intelligence and machine learning, he said.
The Nifty IT closed 0.87% lower at 38,029.70.
Coal India Ltd. can be a good buying opportunity at the current dip, after the company said it will participate in the upcoming auction for critical mineral blocks, signaling its venture beyond coal, Kant said. The stock fell 1.74% on Tuesday.
Patnaik said more downside is left for the state-run miner and the stock can test the Rs 430-420 per share range, before bouncing back.
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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