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Below the Quote on Market Closing Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker

Weekly Closing Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker

Amid ongoing caution towards mid and small caps, the market has put an end to its four-week streak of gains, witnessing both the Sensex and Nifty slipping by 2%. This marks the largest weekly loss in five months. The Sensex concluded the day down by 450 points, settling at 72,643.43, while the Nifty closed at 22,020, with a final figure of 22,023.35. Similarly, the Bank Nifty witnessed a drop of 195.85 points, ending the week at 46,594.10.

Looking forward to next week, regarding the Bank Nifty, the immediate resistance level stands at 47,000. A decisive breakthrough above this threshold could potentially propel the index towards the 47,500 mark. Conversely, the lower support level lies between 46,500 and 46,300, where bullish investors are currently holding ground. However, a breach below this level might escalate selling pressure in the market. Traders are advised to adopt a stock-specific strategy and maintain positions on both sides.

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