Bear played huge role in the week, choppiness was seen in global market and so was in Indian market too. Geopolitical tension between North Korea-USA and India-China kept the traders in panic mode. Shell companies trading ban by SEBI again added to the reason. A pull back was seen from 10,000 levels, and later in the week index rested at Fibonacci support of 61.8% the golden ratio i.e. at 9700. Selling was mostly seen in midcap and smallcap counters. The 50-share Nifty future corrected almost 400 points hitting a low of 9710.10 on last trading session.
Bank Nifty Outlook
Bank Nifty saw a weak rally in the week, Geopolitical tensions did not let index sustain at higher levels, adding to this SBI’s weak results added a negative bias to Bank Nifty numbers. Reversing back from 25000 index touched a low of 23868, correction of almost 1100 points was seen, with Friday’s trading session adding fall of almost 800 points. Mostly profit booking was seen in other banking stocks. Midcap was seen weak on charts, although YES bank managed to be in gainers among the private players
Nifty Day Performance