Bank Nifty Market View

Bank Nifty View

Markets resumed its northbound journey after taking a breather in the previous week. Nifty surged by 1.5%, while Bank Nifty outperformed by gaining over 3% in the past five sessions.
Sector-wise, the PSU Bank index was the top gainer, the index zoomed by 7%, the Media index rose by 3.6%, the Midcap 100 index was up by 3%, the Metal index gained by 2%, the Energy index gained by 2%, the Pharma index rose by 1.6%, the FMCG index edged higher by half a percent, the Infrastructure index was up by 0.6%, the IT index gained by half a percent. On the other hand, the Auto index ended almost unchanged.

Weekly Chart

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weekly market chart

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Bank Nifty Market Outlook

Bank Nifty Outlook:-

Equity markets have gained momentum in the last hour of trading and are hovering around the day’s high. Bank Nifty climbed 108 points to trade at 26,958. However, the index rose 600 points from intraday lows to 27,008. Maximum gains were seen in YESBANK, INDUSLANDBANK HDFCBANK, and RBLBANK, which rose between 2-1% each.

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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Bank Nifty Weekly View

Bank Nifty remained under pressure as it failed to hold above 27,500 zones and drifted towards 27,000 zones. The index closed lower at 27,085.95. It formed a bearish candle on daily charts and a Long Legged Doji on weekly scale which indicates an absence of follow up buying at higher zones.

Weekly 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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Bank Nifty Weekly View

Nifty Bank closed just above its trend line support, breakouts could be seen. Bank Nifty also closed below 20 DMA while if not able to sustain below trend line than pull back can be seen in coming session.

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Bank Nifty Weekly View

Nifty Bank settled marginally lower on Friday weighed by PSU Bank such as Bank India tanks more than by 3 percent followed by Syndicate bank, Bank Baroda, Orient Bank etc. For now 27450 will act as an important support while on higher side 27785-27790 seen resistance.

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