Budget week ends with a muted reaction on the streets. As anticipated the Indices moved well within the defined range of demand and supply zones. As mentioned last week Nifty reacted from the supply zone of 11959 and ending around more than 100 points lower. Nifty bank too saw selling coming in at 31512 levels and giving a gain of almost 400 points. Therefore the bears had a stronger hand as the markets got nervous at the top yet another time.
Nifty indicated a bearish tone throughout the week and might continue so in the coming week. However we have ended the week almost low on the curve and might have few demand zones lined up to act as support. We have the first demand zone at 11797 with a stop loss of 11775. The next one comes at 11725 with a stop loss of 11651. Looking at supply zone the top of 12016 with a stop loss of 12106 would act as a supply zone.
Nifty bank struggling at the top within the supply zone of 31518 with a stop loss of 31758. Looking at demand zone we have the first one well below at 30853 with a stop loss of 30766. The next one comes at 30680 with a stop loss of 30451. It would be interesting to watch if the nifty bank is able to make a new top or would give away its gains in the coming week.
The budget was not able to cheer the street as it is already struggling with all the negativity in and around the banking sector. Awaiting some major interventions by the government could ease the nervousness but not too long as the street may lose its patience soon. Be cautious of any knee jerk reactions to any further development belonging to any debt laden sectors
Nifty indicated a bearish tone throughout the week and might continue so in the coming week. However we have ended the week almost low on the curve and might have few demand zones lined up to act as support. We have the first demand zone at 11797 with a stop loss of 11775. The next one comes at 11725 with a stop loss of 11651. Looking at supply zone the top of 12016 with a stop loss of 12106 would act as a supply zone.
Nifty bank struggling at the top within the supply zone of 31518 with a stop loss of 31758. Looking at demand zone we have the first one well below at 30853 with a stop loss of 30766. The next one comes at 30680 with a stop loss of 30451. It would be interesting to watch if the nifty bank is able to make a new top or would give away its gains in the coming week.
The budget was not able to cheer the street as it is already struggling with all the negativity in and around the banking sector. Awaiting some major interventions by the government could ease the nervousness but not too long as the street may lose its patience soon. Be cautious of any knee jerk reactions to any further development belonging to any debt laden sectors