Nifty Daily Timeframe Analysis

Nifty 50 Broke the support area presence at a level of 17781 on the downside and found support on 17500 level.

Nifty has a demand zone at the 17407-17257 level which may work as support on the downside and 17781 can work as resistance now which was working as a demand zone previously.

Nifty 1 Hrs Timeframe Analysis

On Friday, Nifty 50 closed at 17604.35(-1.61%). Nifty Broke the support of 17800 and found support on 17493. 

Nifty may find resistance on a level around 17704 followed by 17900 and on the downside higher time frame support 17407 may work as support further.

Bank Nifty Daily Timeframe Analysis

Bank Nifty showed weakness last week and broke the pattern on the downside as described in the weekly blog last week. 

Bank Nifty formed HL structure after reciting from the gapped-up but broke that on the downside then it broke the support area also of 41558. BN found support in the demand zone of (40345-39821) followed by the demand zone at the 39147-38508 level.

Bank Nifty 1 Hr Timeframe Analysis

 On Friday, Bank Nifty closed at 40345.30 (-3.13%). BN broke the support area of supply zone 41920-41540 and then gapped down on weakness further. 

As BN broke all support levels on a lower time frame (1HR-TF). Now the higher Time frame has a demand zone at 40365 level which is working as support currently.  Further support is available at a level of 39147 on the downside and Gapped Down may work as resistance on the upside.

Sector Heat Map based on Last week's performance

Stocks in News

• HFCL Ltd and HTL Ltd receive orders worth Rs. 206.67 crores
  
• Indiabulls Enterprises Ltd consolidated Q3FY23 profit at Rs. 1.51 crore
  
• Capri Global Capital Ltd Q3 FY2023 consolidated net profit slides to Rs. 37.41 crores
  
• High Energy Batteries India Ltd Q3FY23 net profit jumps to Rs. 7.21 crores
  
• NIBE Ltd receives order of Rs. 19.88 crores from Larsen & Toubro Ltd
  

Analysis by
Dixit from MT Team
Equity Research Analyst (Technical & Fundamental). Experienced Index Analyst.