After Friday’s volatile session, the benchmark Nifty50 headed nowhere on a weekly basis, as it ended the week with a modest gain of 28.90 points or 0.29 per cent. In the coming week, the market will continue to consolidate and do so in a volatile manner. The coming week will see the 9,980 and 10,100 levels acting as potential resistance for the Nifty50 in the event of the market attempting a bounce. Supports will come in much lower at 9,830 and 9,775 levels. On the weekly chart, the relative strength index or RSI stands at 77.0688, and it remains grossly overbought. The Bank Nifty has marked a fresh 14-week high while the Nifty has not and this has resulted in a bearish divergence. The overall chart structure, read along with lead indicators and F&O data, we reiterate caution and feel that the market is likely to get pushed into the consolidation zone for some more time.
Bank Nifty Outlook
Nifty Bank closed the week on positive note On the daily chart the Bank Nifty is above the 20-day moving average (DMA) and the 40-DEMA, i.e. 24066 and 24355 respectively. The momentum indicator is in bullish mode on the daily chart. On the hourly chart, the Bank Nifty is above the 20- hour moving average (HMA) and the 40-HEMA, i.e. 23942 and 24500 respectively. The hourly momentum indicator is in bullish mode.
Nifty Day Performance