Weekly update on Nifty & Bank Nifty



From the last couple of weeks, Bank Nifty traded weak as compare to Nifty Index . IT, Pharma, Auto, and Metal may lead the market for the further upside rally but be cautious in banking stocks at lower levels or near to support level.

Last week, Nifty 50 closed 2.08 percent lower as financial stocks underperformed. Heavyweight Reliance too corrected a little bit and in results, Nifty Index settled lower on a weekly basis.

Weekly & Intraday Technical View on Nifty and Bank Nifty

 

Upcoming week Nifty 50 price may consolidate from 10856 on the downside to 11165 on the upside. 3rd wave stands at 11030 will play immediate support. Any closing below 11000 may extend its correction to 10861 and medium-term support will lie on 10850 marks where stands on a 60-minute chart. An index is likely to follow all the above-mentioned levels in the upcoming week.

Nifty Implied Volatility also consolidated for most of the week and closed marginally lower. PCR shifted its support to 11000. Lower NIFTY IV and Higher PCR indicate supports for the market.

Technically, Index price has been trading in a range of 300 points from 11040-11350, either side move will give the next 200-250 points in the respective direction.

Trend: Support down at 11000, Closing below 11000 may extend its down move to 10920-10850. Above 11100 is may test 11200-11340.

Nifty strategy for the week

Support 11000, Resistance 11200

Either side of close will give the next 100-150 points in the respective direction.


Bank Nifty

Financial index Bank Nifty closed down 4.51% at a weekly level.

Technical View

Price has recovered with the “Double Bottom” bullish price pattern on a daily scale, which indicates a target of 23500 in upcoming trading sessions. Immediate resistance down at 23100. Trading above 23100 will lead it for 23300-23500, Else it may test 21300 marks. Trading below 21300 may correct it further for 20800-20100.

Bank Nifty strategy for the week

Support 21300, Resistance 23100

Likely to consolidate in a range.


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