The Bank Nifty index witnessed a strong whipsaw movement throughout the week and finally concluded on a bearish note - Angel One Ltd
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/02/f4183c8887f764f91d7eede502bcce0c.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Sensex (57833) / Nifty (17276)
During the last week, our markets witnessed volatile swings during the initial part of the week however in the remaining part of the week, the index did nothing as it remained within a slender range to conclude the week with a nominal loss of slightly over half a percent to the previous week’s close.
If we consider the weekly performance, it appears as if markets were lackluster and there was no major price action during the week. But if we dive deep into it, we realize that the week was full of drama and extreme volatility at least for first couple of sessions. Fortunately there was no major damage done on the weekly closing basis as we are sitting comfortably above the 17000 mark. Can we say worst is over? Then answer is NO, because till the time this war kind of scenario does not subside completely, the uncertainty is likely to loom over on the markets across the globe. So in such times, it’s advisable not to trade aggressively and should avoid carrying positions overnight. As far as levels are concerned, we witnessed some nervousness around 17450 – 17500. So if bulls have to regain any strength, they need to surpass these levels with some authority
On the flipside, 17000 followed by 16800 is to be seen as make or break levels. In case of any aberration on the global front, market will have to face challenging times after sliding below this sacrosanct support. Let’s be hopeful and keep a close watch on all these developments.
Exhibit 1: Nifty Daily Chart
Nifty Bank Outlook - (37599)
The Bank Nifty index witnessed a strong whipsaw movement throughout the week and finally concluded on a bearish note. The index shed over 2.38 percent on the weekly time frame and has underperformed the benchmark index to lose its sheen.
On the technical parameters, the index is hovering near the cluster of its major exponential moving averages on the daily time frame. The index has even corrected below the weekly mean of the Bollinger band, indicating a sign of caution in the counter. At the current juncture, the immediate support is placed around the psychological mark of 37000, below which the previous swing low of 36400 odd levels could be tested. On the flip side, the 38200-38500 could be seen as an immediate hurdle, and closure above the mentioned zone decisively could only trigger some bullish momentum in the counter.
Looking at the technical setup, the index is likely to remain range-bound and hence, stock-specific approach is advisable. Also, some volatility could be expected amid the rising global concern, thus it is preferred to stay light and avoid aggressive bets for the time being.
Exhibit 2: Nifty Bank Daily Chart
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.angelone.in/
SEBI Regn. No.: INZ000161534
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6b3c1a932eecc597e7ebc63801f5c2dc.jpg)
Quote on Silver : Silver price falls in recent weeks Says Prathamesh Mallya, Angel One
![Bank Nifty Write Up : In this scenario, immediate support is found at levels around 45000 to 44900 Says Mr. Rajesh Bhosale, Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/052de8b6a271b140ab7a7b65c5f180c9.jpg)
![Market Wrap-Up : Bulls on a roll; Nifty set for the 20K milestone Says Mr. Osho Krishan, Angel One Ltd.](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c3b473fde94c5c2a730f44acc4341955.jpg)
![Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6208478cde315d3c636b81253e95bd4b.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/08/e67d6338cf04beb569fca69bd6dd6b96.jpg)
NIFTY continues to make a Fresh Life Time High levels and closes above 16600 mark - GEPL Cap...
![Indian markets ended with decent gains after a volatile session on Tuesday - Nirmal Bang](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/02/a3c9f8e75515dd33ef9ef16ae671f083.jpg)
![Index is likely to open on a flattish note today and is likely to remain range-bound during the day - Nirmal Bang](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/08/937bdc04058ef901ae85362534bfb5c2.jpg)
![Daily Market Analysis : Markets traded volatile in a range and ended almost unchanged, taking a breather after the recent surge Says Mr. Ajit Mishra, Religare Broking](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/04/21c8a1b61bd9942608a9ee801c5233c2.jpg)