In last weekend’s analysis Weekend Mirror : RBI maintains status quo , we observed the Indian share market attempting to break free from a state of uncertainty, seeking clarity on whether it would embark on another bullish run or succumb to bearish pressure.
As the curtain lifted on the trading week, it was the bears who took the stage, dictating the market’s rhythm for the initial three days. Their presence loomed large, dimming hopes of a bullish resurgence. But just when it seemed all hope was lost, the plot took a thrilling turn.
In a surprising twist, the latter part of the week unveiled a different narrative. The bears, weary from their dominance, began to loosen their grip, allowing the bulls to step into the spotlight. Our trusted index, Nifty, emerged as the hero of this unfolding tale, defiantly closing above the formidable 22000 mark.
Support and Resistance
NIFTY
In the upcoming week, Nifty is expected to find significant support around the 22000 mark, serving as a steadfast anchor amidst market fluctuations. Should it face further downward pressure, the next support levels to watch for are approximately at 21,900, followed by 21,700, providing additional cushions for potential downturns.
Conversely, in terms of resistance, the landscape appears relatively open. However, notable resistance levels could materialize around 22,100 and 22,200. It’s worth noting that with the current market dynamics, the possibility of Nifty surpassing these resistance levels remains quite plausible.
BANK NIFTY
Support levels that may come into play are 46000, followed by 45500 and 45000.
As for resistance, the major hurdle is around 48000, with potential obstacles at 46500 and 47000.
Gold prices:
24k gold: ₹67,651 per 10 grams
22k gold: ₹62,014 per 10 grams
Silver price:
₹76,500 per kilogram.
Please note that these prices may vary depending on the city where you make the purchase.
Summary
Nifty managed to conclude the week on a positive trajectory, surpassing the crucial 22000 mark. The resurgence witnessed in the final two days prompts a crucial question: was it a genuine display of strength or merely a facade? Monday’s session promises to provide answers to both queries. From my vantage point, the market remains confined within a range, necessitating more compelling indications to validate any discernible trend.
Disclaimer :
Educational only. Not financial advice. Consult a professional before investing. Risks apply. Past performance not indicative of future results.
