Tariff-proof Nifty Bank may stretch rally by up to 2% to fresh high this week

MUMBAI : The Nifty Bank, which is slated to hit a record high today, following solid results by heavyweights ICICI Bank and HDFC Bank, could trade in a 4% range (2% up or down) this week, based on the price of a straddle sold by options traders on 17 April. The Nifty Bank has risen 9% over a month (19 March to 17 April), making it among the best-performing indices in anticipation of better earnings from its 12 constituents. Given the stellar rally of the past month, option sellers are expecting a moderate rise and have sold straddles, hoping to…