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| Item Details | Price | ||
|---|---|---|---|
Nifty 50 traded in a range this week and continuously rejected from the Major trendline on a daily time frame. It bounced from the gapped UP area, which was created on 31st Oct 2022.
That Gap area is working as good support for Nifty. Breaking the trendline and retest can create an up move in the nifty index or break the gapped-up support on the downside.
On Friday, Nifty 50 closed at 17956.60(-0.55%). Nifty bounced from the demand zone and also broke the minor trendline.
It is facing resistance from the resistance level of 17974 and the major trendline presence above. Breaking the major trendline from the current level can ignite up move till the 18080-18125 zone.
Bank Nifty traded in the range this week. It bounced two times from the Support presence below created from the previous Gap. Selling pressure is high from 43036-43s456 level, and a supply zone is created by sellers on a daily timeframe, which can work as major resistance for BN.
Immediate resistance is 42716 on a daily time frame fol,lowed by a trendline and supply zone. Again a range-bound trading may spot in next week also.
On Friday, Bank Nifty closed at 42371.25 (-0.69%). After bouncing from the demand zone, it crossed the trendline also on a big volume candle. Bank Nifty is forming a Cup & Handle pattern, which can create a good trading opportunity to break the handle at the 42453 level, but a major supply zone presence on the upside might make a retest for this pattern. Some more consolidation near the handle area will be positive price action for any up move.
It traded above the trendline, Consolidation area and one bullish candle on 1 hr time frame is positive price action. Keep an eye on any bounced from 42136 level on downside or breaking 42453 on upside is key to watch further for any trading opportunity.
Heatmap from Trendlyne websiteAnalysis by
Dixit from MT Team
Equity Research Analyst (Technical & Fundamental). Experienced Index Analyst.
