Nifty Bank Put options distribution shows that the 39,000 strike price, followed by 38,000, have the highest open interest (OI) concentration, which may act as support for the current expiry.
Nifty Bank December futures are trading in at a premium of 217.05 points. The strike of 43,000 has the largest Put options open interest (OI) concentration, which may provide support for the present expiry
Among private banks, we expect ICICI Bank and IndusInd Bank would be a frontrunner. While among PSU banks, Bank of Baroda and Canara Bank, and PNB are standing strong and may deliver decent gains in the coming week.
Analysts: For Nifty, resistance is seen at 18,500 level while support is seen at 18,250-180 level. Nifty Bank, analysts said, needs to hold above 42,700 level for an upside of 43,500 level.
Among private banks, HDFC Bank and Axis Bank are expected to be frontrunners. While in the PSU banking pack, Canara Bank, SBI and Bank of Baroda could muscled up in the coming week, said Bagadia.