Bank Nifty View

Bank Nifty failed to surpass 27,500 zones and corrected towards 27,220 levels. It has negated formation of higher lows of the last four session and finding multiple hurdles between 27,500 and 27,750 zones from five weeks.

Daily Chart

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Nifty Market View

The Nifty50 remained in the grip of bears throughout the trading session. It closed below its crucial 5-days exponential moving average placed at 10,967 and made a strong bearish candle after forming a Doji candle which suggests a possible reversal in the trend. The 5-DEMA acted as crucial support for the index soon after it made a bottom around 29-30 January. It breached the level on the downside in Friday’s session and now investors are advised to stay cautious and use rallies to create short positions.

Daily Chart

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Nifty Weekly View

Indian indices erased all its morning gains and ended lower on Friday with Nifty finished below 10,800 level. Nifty Future close near around its support zone as well as 20 DMA which further indicates selling pressure in coming days.

Weekly Chart

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Nifty Weekly View

Equities have ended the week on a negative note, with the Nifty giving up 10,800. All sectoral indices, barring consumption, have ended in the red. The Nifty FMCG index ended nearly a percent higher. Weakness was visible among midcap names as well, with the Nifty Midcap closing with losses of one-fifth of a percent.

Weekly Chart

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