Bank Nifty's role crucial in Nifty's march past 16,000 mark: Sameet Chavan

It would be very important for the banking index to surpass the 36,000 mark to push the benchmark to new highs

The truncated week had started with a surprising gap down on Monday due to some nervousness across the globe. As the day progressed, the selloff augmented, resulting in a close below the 15,800 mark for Nifty. In fact, a follow-through on the subsequent day pushed Nifty to test sub-15,600 levels. Fortunately, global peers witnessed a relief move which resulted in a V-shaped recovery in our markets. Eventually, Nifty ended the action-packed week with negligible losses.

It’s been more than a month now that Nifty is trapped in a range of 500 points. This certainly is a slender range considering