NIFTY Bank is a pivotal index for the near future.
To propel NIFTY towards 23,900, NIFTY Bank must provide substantial support. Private sector banks have exhibited resilience during recent market downturns. This stability is likely to persist as long as NIFTY Bank remains above 50,900. A breach of 50,900 could trigger a sharp decline, potentially targeting 49,600 and 48,500 in the coming days.
ICICI Bank’s upcoming results will be closely watched. The stock has met our selling criteria, so its performance will be a key indicator. While there are no immediate time cycle dates for the index, several private banks have significant cycle dates on October 30th, which could influence the overall market.
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