Nifty Daily Timeframe Analysis

Nifty 50 showed rangebound trading last week and it bounced with some little buying force as an overall trend it still on the downside.

Nifty might face resistance previous support zone of 17257 on the upside while 16850 may work as support on the downside.

Nifty 1 Hrs Timeframe Analysis

On Friday, Nifty 50 closed at 17100.05(+0.67%). Nifty crossed the resistance of 17084 which is working as support now. 

Nifty may find further resistance on  17196 zone on the upside while 17084 may work as support on the downside.

Bank Nifty Daily Timeframe Analysis

Bank Nifty traded in zone and faced resistance on 39753 which was supported previously as described in 17th march blog.

Bank Nifty needs to break the 39753 zone for any up move while 38600 might work as support on the downside.

Bank Nifty 1 Hr Timeframe Analysis

 On Friday, Bank Nifty closed at 39598.10 (+1.19%). BN showed a strong momentum by breaking the trendline. 
BN has an immediate resistance at 39760 zone on the upside while a trendline retest or 39432 zone may work as support on the downside.

Sector Heat Map based on Last week's performance

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