Weekly Recap:
The Bank Nifty closed the week at 49,099.45, posting a decline of -2.11%. The index faced selling pressure throughout the week, reflecting broader market weakness.
Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial range to watch for potential reversals or trend continuation is 48,996 - 49,182.
Support & Resistance Levels:
Support Levels:
S1: 48,658
S2: 48,217
S3: 47,937
Resistance Levels:
R1: 49,544
R2: 49,989
R3: 50,310
Market Outlook:
Bullish Scenario: If Bank Nifty sustains above 49,182, it could see buying interest, potentially pushing towards R1 at 49,544 and higher levels.
Bearish Scenario: A breakdown below 48,996 could trigger further downside pressure, targeting S1 at 48,658 and lower support levels.
Conclusion: Bank Nifty remains in a weak phase, and next week’s action around the pivot range will be crucial. Sustaining above 49,182 may lead to a bullish recovery, while a breakdown below 48,996 could accelerate the downside move. Stay alert and trade with caution!
The Bank Nifty closed the week at 49,099.45, posting a decline of -2.11%. The index faced selling pressure throughout the week, reflecting broader market weakness.
Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial range to watch for potential reversals or trend continuation is 48,996 - 49,182.
Support & Resistance Levels:
Support Levels:
S1: 48,658
S2: 48,217
S3: 47,937
Resistance Levels:
R1: 49,544
R2: 49,989
R3: 50,310
Market Outlook:
Bullish Scenario: If Bank Nifty sustains above 49,182, it could see buying interest, potentially pushing towards R1 at 49,544 and higher levels.
Bearish Scenario: A breakdown below 48,996 could trigger further downside pressure, targeting S1 at 48,658 and lower support levels.
Conclusion: Bank Nifty remains in a weak phase, and next week’s action around the pivot range will be crucial. Sustaining above 49,182 may lead to a bullish recovery, while a breakdown below 48,996 could accelerate the downside move. Stay alert and trade with caution!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.