Bank Nifty index outperformed the Nifty index by ~1.5% as both the indices witnessed an addition of long positions, to close the week 4%/2.5% higher.
On the weekly charts, the Nifty has given an ascending triangle breakout, indicating a possibility of continued upward momentum. Banking stocks like HDFC Bank, SBI & ICICI Bank were among the top outperformers, contributing the majority of the index gains.
FIIs index futures long/short ratio hovered around 1.5x level in the favor of the bulls.
On the options front (October 29, 2021 expiry), Nifty 18000PE strike price has witnessed fresh writing, hinting at a formation of a floor level for the index around the mentioned strikes in the coming days.