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Indian equity benchmarks Sensex and Nifty were each up almost a percent on Monday amid gains across all sectors. Gains in financials, oil & gas, IT and metals stocks drove the leading indices higher, although losses in auto stocks limited upside potential. Domestic equity benchmarks the Sensex and Nifty 50 closed nearly a percent higher on Monday on gains in the index heavyweights. The Sensex was up 443 to 59246, while Nifty ended at 17665, up 0.7%.
Nifty's short-term trend remains mixed. The market is now in a broader high-low range of 17800-17500 and the move within this range is likely to continue next week. Expect selling pressure to build from the highs around 17,800 and buying from the lows of 17500. Therefore, in the short term, the market action could be buying on dips and sell on rising opportunities. On the Banknifty chart, the index has formed a sizeable bullish candle making a higher high-low compared to the previous week, indicating a positive bias. The index is floating in a higher top and higher bottom formation on the weekly chart, indicating a positive bias. Bank Nifty is trading above the 20, 50,100, and 200-day SMAs, which are key short-term moving averages, which are suggestive of a positive bias in the near-to-medium term. Bank Nifty remains in an uptrend in the short-term, so buying on the downside remains our preferred strategy. For the week, we expect Bank Nifty to trade in the 41500 to 38800 range with mixed bias. The daily strength indicator RSI is moving up and trading above its reference line, suggesting a positive bias.
Resistance: 17400, 17550, 17700
Support: 17300,
17150, 17000
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