By Malvika Gurung
Investing.com — The domestic market indices ended with gains on Friday, while closing the volatile week with sharp cuts driven by the brewing banking crisis in the US.
Key sectoral index surged 1.46% in Friday’s intraday trade, hitting the session’s high at 39,705.15 points and ended the day 1.2% or 465.5 points lower at 39,598.1 points on March 17, with all constituent stocks ending in the green except one.
In a note provided to Investing.com, Kunal Shah, Senior Technical Analyst at LKP Securities stated that the Nifty Bank index showcased a sharp recovery from the lowest levels on Friday and formed a morning star pattern on the daily chart.
He has indicated that if the index manages to hold the support of 39,000 on the downside, there could be a pullback rally towards 40,000.
“A sustained move above 40,000 will open up room for a big rally toward the 41,000 level,” Shah added.
Private banking mega-caps Kotak Mahindra Bank (NS:), HDFC Bank (NS:) and ICICI Bank (NS:) led the gains on the Nifty Bank pack in Friday’s session, jumping up to 2% each.
Barring IDFC First Bank (NS:), all the stocks under the 12-scrip sectoral index ended the previous session radiantly in green.
Further, buoyed 1.11% or 438.15 points to 39,834.35.
Benchmark indices rose 0.67% to close the March 17-ended week at 17,100.05 points, and added 355.05 points or 0.62%.