BANK NIFTY
Last week, strong move was seen, and finally it closed above the resistance level of 9000. As long as holds 9000, up-move to continue and further it will test the 9500-9750 mark. Whereas the reversal cannot be ruled out again. Weekly Trend Decider: 8956. Major support at 8300-8325 and reversal to buy side.
Today: Bank Nifty opened negatively and was showing very volatile situation in the market. At the end it closed positively. Technically below 8838, we can see weakness in that; and above 9100, we can see positivity. Because of flat closing, there were no changes in support resistance. Now we may consider support at 8500-8300-8240 and resistance at 8626-8811-9000.
NIFTY
Last week, we saw lot of volatility in the market. But finally it was unable to hold 5000 and made a low of 4841. For the week ahead, it will take a support range of 4810-4800, decisively break and decline below the lower level target of 4750-4640. Higher-level resistance to continue at 5000-5100 - 5125 to watch out.
Today’s Tips
Nifty opened negatively after very volatility in the market, and was showing some correction situation. At the end, it was showing very good short covering in the market and closed positively. Technically below 4916, we can see more downside in the market. We can see the next target at around 4350. Now consider resistance at 4830-4911-5025. Downside support at 4730-4639-4538.
