NIFTY:
The recent market downturn has wiped out the gains from the past four sessions, evident in the formation of a bearish engulfing candle on the daily chart. Despite encountering resistance from the previous peak, the index displayed indecision with a Doji candle on the weekly timeframe, closing the week with a modest 0.25% increase.
Looking ahead, the advisable approach is to buy during market dips for the upcoming week. Key support levels are anticipated at 22,300 and 22,000, while resistance is likely at 22,800, with a significant obstacle at 23,000.
It’s worth noting the substantial call open interest at 22,800, indicating a significant resistance level, alongside noteworthy put interest at 22,000, emphasizing a pivotal support level.
Nifty50 Weekly Chart
BANK NIFTY:
Bank Nifty commenced the week with vigor, achieving a fresh all-time high, yet encountering resistance near the psychological barrier of 50,000. Currently, it’s retracing to test the breakout level, maintaining an optimistic outlook for the upcoming week, with an inclination towards reaching new peaks.
Expected support for the week is at 48,300, while resistance is foreseen around the 50,000 mark. The overall sentiment remains bullish, with potential for the index to challenge previous highs.
Options data unveils significant call open interest at 49,500, indicating a critical resistance level, complemented by noteworthy put interest at 48,500, underlining a pivotal support level.
Bank Nifty Weekly Chart
Top Performing Sector of the Week
Nifty PSE Index 3.94%
-REC 22%
-PFC 18.29%
-BHEL 9.38%
Nifty PSE Weekly chart
Worst Performing Sector of the Week
Nifty Media -3.13%
-Network 18 -7.62%
-PVR Inox -5.82%
-Tips Industries -3.80%
Nifty Media Weekly chart
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