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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Bank Nifty Market View

Bank Nifty, on the other hand, did give a sign of a short term breakdown; however, the index staged smart come back once again closing above the support of 29770 levels. On the upside, 30750 levels would act as crucial resistance for the index.

Weekly Chart

technical chart
technical chart

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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

weekly market chart
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:

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

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

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

chart

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