This week, we witnessed a very strong bullish movement and a solid bounce-back in Nifty. On the first day, Nifty opened with a gap-up of around 75 points, but despite the positive opening, it fell by nearly 157 points. On the second day, Nifty opened within the same range but showed a strong bullish movement, gaining around 360 points, which is approximately 1.60%. On the third day, we saw a breakout in Nifty. After that, the last two trading sessions also witnessed strong bullish momentum. Over these two days, Nifty gained around 525 points, which is approximately 2.31%, and finally closed at 23,146.
Last week, Nifty closed at 22,520, while this week it closed at 23,146, marking a gain of around 625 points, or approximately 2.78%.Now, if Nifty breaks above the 23,300 level and sustains there, we could see further bullish momentum in the market. However, if Nifty fails to break and sustain above this level, we may witness a reversal or some profit booking.
Bank Nifty remained relatively weak this week compared to Nifty. On the first day, we saw a fall of around 340 points in Bank Nifty. However, on the second day, Bank Nifty showed a strong bullish movement, gaining approximately 535 points, or 1.03%. On the third day, we saw a breakdown in Bank Nifty. Despite that, the last two trading sessions witnessed another strong bullish move, with Bank Nifty gaining around 528 points, or 0.95%. Last week, Bank Nifty closed at 55,256, while this week it closed at 55,844, marking a gain of 588 points, or approximately 1.06%. Overall, Bank Nifty ended the week in positive territory, but its performance remained weaker compared to Nifty. If Bank Nifty breaks above the 56,000 level and sustains there, we could see further bullish momentum in the market. However, if it fails to break and sustain above this level, we may witness a reversal or some profit booking.
Important Levels for Nifty Next Week
Major Support Levels for Nifty
Support 1 – 22600
Support 2 – 22100
Support 3 – 21600
Major Resistance Levels for Nifty
Resistance 1 – 23300
Resistance 2 – 23800
Resistance 3 – 24300
Important Levels for Banknifty Next Week
Major Support Levels for Banknifty
Support 1 – 55400
Support 2 – 54600
Support 3 – 53800
Major Resistance Levels for Banknifty
Resistance 1 – 56000
Resistance 2 – 56800
Resistance 3 – 57600
Important Stocks to Watch Next Week
1) AIAENG
CMP 3720
Buy Above 3740
Stop Loss Below 3600
Targets – 3810, 3880 And 3980
2) PIIND
CMP 2190
BUY ABOVE 2240
STOP LOSS 2095
TARGETS – 2310, 2410 AND 2510