Below is Weekly outlook Nifty and Banknifty by Mr. Anuj Gupta, Vice President, IIFL Securities
Last week the nifty closed on a flat note down by 0.23% and closed at 18307 levels. Banknifty increased by 0.71% and closed at 42437 levels. Technically the trend of the Indian stock market is on a bullish side taking cues from India's economic data. The retail inflation which is measured by the Consumer Price Index (CPI) was 6.77 per cent in October, government data revealed
India's foreign exchange reserves rose to $544.72 billion in the week through November11, marking their biggest weekly jump in more than a year, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.
On the economic front news are coming which is positive for the market. Last week FIIs net buyer of Rs 349.20 cr and DIIs were also net buyers of Rs 2274.87 cr. Last week the rupee depreciated by 1.09% and closed at 81.67 levels. it touched the high of 80.50 levels.
Technically nifty and banknifty are looking in positive trend and expected to move further upside.
for the next week nifty has a support at 18000 and 17750 levels, resistance at 18580 and then 18700 levels. Banknifty support at 41800 and then 41200 levels, resistance at 42900 and then 43500 levels. Looking towards the technical charts we are expecting that nifty and banknifty may rise further. Next week nifty may test 18580 to 18700 levels and bank nifty may test 42900 to 43500 levels. Rupee may trade between 81 to 82 levels. It has a support at 80.50 and resistance at 82.50 levels. Banking stocks and IT stocks may lead the market in the coming week.
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