Bank Nifty Market View

Bank Nifty View

Bank Nifty on the other hand has been an outperformer during the week. The index has formed a bullish morning star pattern while on the weekly chart the index has also formed a Hammer candle pattern indicating short term reversal is on the cards.

Weekly Chart

chart.PNG

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Nifty Market View

Nifty View

Markets extended losing streak to third consecutive week, as indices have been under immense selling pressure. However, on Friday benchmark indices witnessed minor revival signs. Nifty found support at 11200 zone. The long term 200-DMA support is around the 11150 levels while the May 2019 low is at 11110 levels. Going forward, only a crack below these crucial support levels would lead to a major breakdown.

Weekly Chart

 chart.PNG

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Nifty Market View

Nifty View

Nifty closed on a negative note giving up intraday gains in entirety in the closing hour of trade. The index failed to hold on to 11,600 levels but got some support near 11,500 levels. It closed above its 100-days exponential moving average (EMA) which is a comforting sign but overhang of Budget proposals likely to weigh on markets for some more time.

Weekly Chart

chart.PNG

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Bank Nifty Market View

Bank Nifty View

Bank Nifty too formed a spinning top kind of a candle again, resembling a short term top in place. Fresh upmove is likely to resume only if 31500 zone is broken on closing basis. On the other hand, the 31100 mark is the important support below which fresh selling pressure is likely. The Nifty PSU Bank index which showed immense strength throughout the week saw profit booking on Friday. The index has formed a Doji candle on daily chart indicating uncertainty is on the cards.

Weekly Chart

chart.PNG

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Nifty Market View

Nifty View

Markets were highly volatile during the week. After a decent rally, Nifty formed a bearish candlestick pattern which resembles a Shooting Star kind of pattern on daily charts. Nifty has already cracked below the 11820-mark support zone, which indicates that the markets will remain under pressure in the near term. Important support is seen around the 11700 zone, which is the 50-DMA, followed by 11620, which is the recent lows. On the upside, 11900 zone is important resistance.

Weekly Chart

chart.PNG

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Nifty Market View

Nifty View

Nifty had formed a Bullish Engulfing candlestick pattern on Thursday followed by forming an inside bar pattern. The index has still managed to hold above its crucial 50-DMA levels of 11680 which is an important support zone. Going forward, Nifty has stiff resistance around the 11880-11900 zone in the near term.

Weekly Chart

chart.PNG

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