Nifty closed in Green for 3rd Consecutive Week, markets clearly on bull side but Nifty facing major resistance at 25000 levels.
Last week was the monthly expiry week for derivatives markets and nifty closed in perfect green for 3rd consecutive week. In the last week we saw a tough fight between bulls and bears and market saw major whipsaws which clearly indices that at 25000 levels is the major resistance and investors are showing profit bookings at that level. Banknifty is managing and trading in a narrow range of 55000 to 56000 levels. If in the next week banknifty breaks and close above 56000 levels then banknifty may hit a new life time high and nifty can also close above 25500 levels.
If nifty manages to close above 25200 levels in the next week we can see a good bullish move in the markets and nifty may hit 25700 levels soon. And if banknifty manages to close above 56200 levels it would be clear signal for it to hit 57000 levels soon
Important Levels for Nifty Next Week
- Major Support Levels for Nifty
Support 1 – 24600
Support 2 – 24300
Support 3 – 24000
- Major Resistance Levels for Nifty
Resistance 1 – 25000
Resistance 2 – 25350
Resistance 3 – 25700
Important Levels for Banknifty Next Week
- Major Support Levels for Banknifty
Support 1 – 54800
Support 2 – 54200
Support 3 – 53600
- Major Resistance Levels for Banknifty
Resistance 1 – 56200
Resistance 2 – 56600
Resistance 3 – 57000
Important Stocks to Watch Next Week
1) INDIAMART
CMP @ 2330
Buy Above @ 2420
Stop Loss Below @ 2250
Targets @ 2490, 2590 and 2690
2) ABCAPITAL
CMP @ 222
Buy Above@ 224.5
Stop Loss Below @ 212
Targets @ 228.5, 234.5 and 242.5
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