Week that was : Lets recap on market action of this week.
Indices started the week lower after previous week’s negative close but recovered from lower levels owing to easing geopolitical issue, fall in Crude prices, rising GST collection etc and closed higher with 3 to 5 % gains in Nifty and Bank Nifty respectively.
Top advancing stocks in Nifty 50 for the week were GAIL India (+9.75%), M & M (+8%) and Axis Bank (+7%). Top declining stock for this week were Hindalco (-8%), Hero Moto (-6%) and ONGC (-4.5%).
Top Advancing sectors were Realty (+5.5%), Finance (+5%) and Banking (+5%) for the week. Nifty Pharma and Metal saw no gains for the week to close flat.
India Vix cooled off almost 21% for this week to close at 18.44.
Lets check out Indian Index Technicals for week ahead.
Indices have closed higher with Nifty at 3% higher where as Bank nifty 5.5% higher with this weeks closing. Going in to Next week’s trade we may see further volatility or moves based on Geopolitical developments, RBI Policy and FOMC minutes.
Nifty is close to its Resistance level of 17800-17850. If manages to cross above this next Resistance may come close to 18250-18300 levels. Supports may come close to 17400 and 17000 Levels on lower side.
Bank Nifty has higher resistance levels of 37750-37800, 38500-38700. Support may come close to 36000, 35400 Levels on lower side.
Here are the weekly and Daily charts of Indices :
NIFTY Daily :
NIFTY Weekly :
Bank Nifty Daily :
Bank Nifty Weekly :
Disclaimer: The views are in line with the pure chart study, no pre-defined geopolitical factors are considered. Also, we strictly advise not to take any positions just based on the above views. For regular intraday recommendations, you must have our premium subscription.