The market has been continuing in a bullish trend as we had mentioned earlier — will it go up further from here, or will it retest from this level?
Nifty showed a strong bullish trend this week. On the first day, it went up by almost 200 points, then traded in a narrow range for 2–3 days, and in the last two days, it covered nearly 200 more points. Overall, Nifty gave a bullish movement of around 400 points this week. Last week, Nifty closed at 24,895, and this week it closed at 25,285 - which is almost a 400-point gain.
Now Nifty is at 25,285. If Nifty continues to remain bullish and manages to break the major resistance level of 25,400, we could see a strong upward movement. Otherwise, we may witness a reversal from the 25,400 level.
Bank Nifty is stronger than Nifty. Bank Nifty covered almost 1,000 points this week — on the first day, it gained around 500 points, then moved in a narrow range for 2–3 days, and in the last two days, it covered another 500 points. Last week, Bank Nifty closed at 55,590, and this week it closed at 56,610 — which means Bank Nifty gained 1,000 points this week. Now, if Bank Nifty breaks the resistance level of 56,800, we could see a further bullish move; otherwise, a short-term reversal may occur.
Important Levels for Nifty Next Week
- Major
Support Levels for Nifty
- Support 1 – 25000
- Support 2 – 24700
- Support 3 – 24500
- Major
Resistance Levels for Nifty
- Resistance 1 – 25450
- Resistance 2 – 25650
- Resistance 3 – 25850
Important Levels for Banknifty Next Week
- Major
Support Levels for Banknifty
- Support 1 – 55800
- Support 2 – 55200
- Support 3 – 54800
- Major
Resistance Levels for Banknifty
- Resistance 1 – 56800
- Resistance 2 – 57200
- Resistance 3 – 57600
Important Stocks to Watch Next Week
CMP @ 8950
Buy Above @ 8960
Stop Loss Below @ 8750
Targets @ 9050, 9200 and 9350
CMP @ 1540
Buy Above @ 1545
Stop Loss @ 1480
Targets @ 1590, 1650 and 1720
CMP @ 1010
Buy Above @ 1025
Stop Loss @ 950
Targets @ 1065, 1115 and 1180
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