A lackluster week ended with a loss of 31.40 points or 0.35 percent at 9,119.40 on the NSE. The index has shown a bearish follow-up to the Engulfing candle of the earlier week, with a lower high of 9,217 against a high of 9,247 in the earlier week. This observation indicates weakness in the short-term and prices may see further price correction towards 8,950 – 9,000 levels. Thus, 9250 – 9275 now remains strong resistance zone. Higher time frame remains bullish with ‘higher top and higher bottom’ formation still intact and hence weakness in the short-term towards 9,000 to be a buying opportunity. Change in directional trend will only be seen below 8,950 levels
Bank Nifty Outlook:
HSBC Holdings Plc has been formally mandated as an adviser on the initial public offering of Saudi Arabia’s national oil giant Aramco, expected to be the world’s largest ever IPO, HSBC’s chief executive said on Monday. Europe’s biggest bank joins peers including JPMorgan Chase & Co and Morgan Stanley on the deal, which is expected to raise some $100 billion and is the centrepiece of the Saudi government’s ambitious strategy to diversify away from oil.