Markets for the week ahead

Markets for the week ahead

Nifty weekly has not changed much compared to the previous week. Many volatile sessions but very tight range days. Closed near to previous week low 15630 which can be acting as a support for the coming week too. The trend is still up and the higher high and higher low patterns are not broken still. The weekly close above 15920 will take the nifty to all times high.

On a daily, the index is lower to the band support at 15630 and marginally closed higher. The daily momentum is weak considering the selling. pressure from the IT index. It is close below 20DMA 15764 but well above 40DEMA which is our last point of a trend reversal, which is almost 10% probability considering the factors across the globe.

BankNifty is in a better position on a weekly basis. It marginally closed positive and also not breaking 20WMA which is positive for the coming week. 34850 acts as immediate weekly support and close above 35800 will take the index to 37700 and 39200.

On a daily, it’s well above 20DEMA and the previous swing low 34630 is well defended. Though there are 2 consecutive selling in the index, it’s still in the HH&HL pattern, and hence it’s trending up. One positive day above and above 35600 we can see 37800 to 39200.

Trade Setup: Considering a tight range in markets, we are still managing our bullish view. Maybe the fall is going to be arrested soon and we should see higher levels soon. It should defend the weekly lows and we are one step away from all times high. Focus on large caps with momentum.

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