This week, we witnessed a strong bullish movement in Nifty, with the index once again showing a good bounce-back. Now, the key question is whether this bullish momentum will continue into the next week or not. On the first day of the week, Nifty opened at 22,524.40 and closed at 22,753.20, registering a gain of 153.2 points. After that, for the next two trading sessions, there was no significant movement, as Nifty remained largely sideways. However, the last two trading sessions brought strong bullish momentum. On the fourth day, Nifty gained around 238 points, followed by another gain of 116 points on the final trading day. Overall, Nifty gained approximately 1.56% in the last two trading sessions and ended the week at 23,053. Now, the important thing to watch is whether Nifty manages to sustain this bullish momentum and continue its upward journey in the coming week.
Last week, Nifty closed at 22,600, whereas this week it closed at 23,053, registering a gain of 453 points, which is approximately 2%. Now, if Nifty manages to break above the 23,200 level and sustain itself above this range, we could see further bullish momentum in the market. However, if Nifty fails to sustain above this level, we may witness a possible reversal.
Bank Nifty remained relatively weak this week compared to Nifty. On the first day, Bank Nifty opened at 54,299 and showed a decent bullish movement, gaining around 135 points. However, on the second day, sudden selling pressure emerged, dragging the index down by 403 points. After that, Bank Nifty managed to recover well over the next two consecutive sessions, gaining approximately 1,220 points, or around 2.24%. But on the final trading day, selling pressure returned, and Bank Nifty declined by another 371 points. Eventually, Bank Nifty closed the week at 54,823. Looking at the weekly performance, Bank Nifty closed at 54,242 last week and at 54,823 this week, registering a gain of 581 points, or approximately 1.07%. Now, for the coming week, the 55,300 level will be important to watch. If Bank Nifty manages to break above this level and sustain its position, we could see further bullish momentum. However, failure to sustain higher levels may lead to renewed selling pressure.
Important Levels for Nifty Next Week
Major Support Levels for Nifty
Support 1 – 22700
Support 2 – 22400
Support 3 – 22100
Major Resistance Levels for Nifty
Resistance 1 – 23100
Resistance 2 – 23400
Resistance 3 – 23700
Important Levels for Banknifty Next Week
Major Support Levels for Banknifty
Support 1 – 54500
Support 2 – 53900
Support 3 – 53300
Major Resistance Levels for Banknifty
Resistance 1 – 55300
Resistance 2 – 55900
Resistance 3 – 56500
Important Stocks to Watch Next Week
1) DMART
CMP 3200
Buy Above 3210
Stop Loss Below 3110
Targets – 3250, 3300 And 3350
2) ZFCVINDIA
CMP 2100
BUY ABOVE 2110
STOP LOSS 2050
TARGETS – 2140, 2180 AND 2250