Nifty-Bank Nifty SPOT Weekly Outlook by Bharat K Gala, Technical Head, Ventura
Nifty
Previous week it was mentioned that, Our view is Buy on Dips & below 23817 traders should use 23487-(22600- 21715) levels as an opportunity to buy. If the trend is strong Nifty will bounce back from 22600 levels, any close below should be treated as negative for the current uptrend. Currently, (24410-24780)-25080-(25380-25810) as sell areas. If sustain above 25810 we open for 26347 and later further to 26500-26700 area.
Nifty continued its upward momentum with the formation of Up Gaps and rallied to a high of 24168.05. However, resistance near the previous week's high of 24189.25 restricted further upside, resulting in a valid corrective move. The correction extended as the index breached 23817 levels & further declined to mark a low of 23784.95. Subsequently, buying interest emerged from lower levels, leading to a recovery. Nifty regained momentum and rallied to a high of 24261.60, reflecting strength in the ongoing up move.
Now, Nifty closed at 24056.
Below 23784.95 (current week low), we have support levels at 23487-(22600- 21715) as bounce back levels.
If the trend is strong Nifty will bounce back from 22600 levels, any close below should be treated as negative for the current uptrend.
As of now, (24391-24765)-25066-(25370-25800) as sell level areas.
If sustain above 25800 we open for 26347 and later further to 26500-26700 area.
Our view is Buy on Dips & below 23784 traders should use 23487-(22600- 21715) levels as an opportunity to buy. If the trend is strong Nifty will bounce back from 22600 levels, any close below should be treated as negative for the current uptrend. Currently, (24391-24765)-25066-(25370-25800) as sell areas. If sustain above 25800 we open for 26347 and later further to 26500-26700 area.
Bank Nifty
Previous week it was mentioned, Our view is Buy on Dips & below 57076 traders should use (55780-53930)- (52072-49430) levels as an opportunity to buy. If the trend is strong Bank Nifty will bounce back from 53920levels, any close below should be treated as negative for the current uptrend. Currently, (58180-58870)-59420-(59980-60760) as sell level areas. If sustain above 60760 we open for 61765 and later further to (62540-63470) area.
Bank Nifty opened at 57906.90 and later witnessed a corrective move, declining to mark a low of 57074.90. However, the index found support near the 200 SMA, indicating buying interest at lower levels. Thereafter, Bank Nifty staged a strong recovery and rallied to mark a high of 58706.05, reflecting strength in the ongoing up move. The sustained move above support levels & the sharp rebound from the 200 SMA suggest positive momentum, with buyers maintaining control at lower levels.
Now, Bank Nifty closed at 58177.05.
Below 57074 (current week low), we have support levels at (55780-53920)-(52072-49430) as bounce back levels. If the trend is strong Bank Nifty will bounce back from 53920 levels, any close below should be treated as negative for the current uptrend.
As of now, (58180-58870)-59420-(59980-60760) as sell level areas.
If sustain above 60760 we open for 61765 and later further to (62540-63470) area.
Our view is Buy on Dips & below 57074 traders should use (55780-53930)- (52072-49430) levels as an opportunity to buy. If the trend is strong Bank Nifty will bounce back from 53920levels, any close below should be treated as negative for the current uptrend. Currently, (58180-58870)-59420-(59980-60760) as sell level areas. If sustain above 60760 we open for 61765 and later further to (62540-63470) area.
SMS subject to Disclosures and Disclaimer goo.gl/8bCMyQ
SEBI Registration No.: INH000001634
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