Nifty Bank on Tuesday ended 217 points lower but closed above 47,000 level ahead of the US CPI data on Tuesday and Fed meeting outcome on Wednesday as profit booking, which began in the previous trading session, continued
Bank Nifty projection: Analysts believe the banking index may rise even to the level of 45,500 soon if the index sustains the 44,150 mark. However, the sharp gains may attract some profit booking too.
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.