Weekly Nifty and Bank Nifty Technical Analysis Report
Get insights on the Nifty and Bank Nifty market outlook by Mr. Ratnesh Goyal, a Senior Technical Analyst. Analyzing charts and patterns, the report discusses key support and resistance levels for potential trading opportunities in the upcoming sessions.
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Presentation Transcript
WEEKLY NIFTY & BANK NIFTY VIEW Presented By-Mr. Ratnesh Goyal (Sr. Technical Analyst)
NIFTY OUTLOOK if we look at the daily chart of Nifty, we are observing that it is trading near the support level of the 200 SMA, and on the weekly chart, we are observing that it is taking support from the lower channel. If we analyze both charts, it indicates that the market is now taking support from its lower level, and we can see some stock specific action. In the coming trading session, if Nifty trades above the 17,650 level, if it starts to trade above, then it can touch the 17,850-18,050 levels, while on the downside, support is 17,500, and if it starts to trade below then it can test the level of 17,350 and 17,100 levels.
NIFTY BANK OUTLOOK If we look at the daily chart of Bank-Nifty, we are observing that Bank-Nifty is trading near its 50- DAY SMA level, and on the weekly chart, we are observing "BULLISH" candlestick formation. If we analyse both charts, it indicates that the banknifty can outperform the nifty. In the coming trading session, if it trades above 41,350, then it can touch 41,600 and 41,800 levels. However, downside support comes at 40,900, and below that we can see 40,700 40,400 levels.
FINAL SUMMARY NIFTY BANK NIFTY Resistance 41600 - 41800 Support 40700 - 40400 Resistance 17850-18050 Support 17350-17100
