By CFA Hitesh Somani
Market Analysis | Nifty 50 | Bank Nifty | Stock Market Outlook
This week, we witnessed a significant fall in Nifty, and there were only four trading sessions. On the first day, Nifty fell sharply by around 257 points (1.11%). On the second day, Nifty opened with a gap-up of 130 points but failed to sustain the gains and eventually closed 78 points lower. On the third day, Nifty opened with a gap-down of 125 points, but after experiencing significant ups and downs throughout the session, it managed to close near its opening price. On the last day, Nifty opened with a gap-up of 55 points, but due to strong selling pressure, it fell another 88 points and closed at 22,600.
Last week, Nifty closed at 23,146, whereas this week it closed at 22,600, marking a fall of 546 points (2.36%). However, Nifty still has a strong support level around 22,200. If Nifty breaks below this level and sustains there, we could see further downside in the market. On the other hand, if this support holds, we may expect a potential reversal or bounce-back movement in the coming sessions.
Bank Nifty remained significantly weaker than Nifty this week, witnessing continuous selling pressure across all four trading sessions. On the first day, Bank Nifty fell by around 341 points (0.61%). On the second day, it declined by another 588 points (1.06%), followed by a further fall of approximately 750 points (1.32%) over the last two sessions. Overall, Bank Nifty closed at 54,242 this week, compared to last week’s close of 55,918, marking a decline of approximately 1,675 points (3%). If Bank Nifty breaks below the 53,800 level and sustains below it, we could see further downside in the market. However, if this support zone holds, we may expect a potential reversal or bounce-back movement in the coming sessions.
Important Levels for Nifty Next Week
Major Support Levels for Nifty
Support 1 – 22200
Support 2 – 21900
Support 3 – 21600
Major Resistance Levels for Nifty
Resistance 1 – 22800
Resistance 2 – 23100
Resistance 3 – 23400
Important Levels for Banknifty Next Week
Major Support Levels for Banknifty
Support 1 – 53800
Support 2 – 53200
Support 3 – 52600
Major Resistance Levels for Banknifty
Resistance 1 – 54600
Resistance 2 – 55200
Resistance 3 – 55800
Important Stocks to Watch Next Week
1) ASHOKLEY
CMP 145
Buy Above 148
Stop Loss Below 140
Targets – 152, 156 And 166
2) HONAUT
CMP 31470
BUY ABOVE 31600
STOP LOSS 30600
TARGETS – 32100, 32700 AND 33500