Muted week for the street where major indices gave up some marginal gains from the last week. Nifty lost close to 90 points while the Nifty bank gave up close to 140 points. As mentioned last week the bulls did end up showing demand for the Nifty around 10899 levels and the Nifty bank from 27741 zone. However it seems the street is still watching out for some real measures or triggers before there is some more real demand returning back to the markets.
Going ahead the Nifty still remains to be low on the curve with a slightly bearish stance. The first demand zone still exists at 10899 with a stop loss of 10842. Another on a higher time frame lies at 10863 with a stop loss of 10585, fine tuning this we have 10655 with a stop loss of 10585. Supply zones lie at 11087 with a stop loss of 11181. Another one lies at 11173 with a stop loss of 11267.
Nifty bank on the other hand shows some amount of indecisiveness on the way forward signalling some more downtrend could be in place. We still have well defined zones which could act as a turning point. We have a demand zone at 27043 with a stop loss of 26617, fine tuning this zone we have another one at 26920 with a stop loss of 26762.
Looking at supply zones we have one at 28251 with a stop loss of 28602. Another one on a higher time frame exists at 29325 with a stop loss of 29770.
The markets look to be well defined by boundaries on either side and might be seen sideways for a couple of days of the week before it decides its next move. However it surely looks like to get more volatile as the government might come out with some measures focused on the capital markets as hinted in their announcements.
Going ahead the Nifty still remains to be low on the curve with a slightly bearish stance. The first demand zone still exists at 10899 with a stop loss of 10842. Another on a higher time frame lies at 10863 with a stop loss of 10585, fine tuning this we have 10655 with a stop loss of 10585. Supply zones lie at 11087 with a stop loss of 11181. Another one lies at 11173 with a stop loss of 11267.
Nifty bank on the other hand shows some amount of indecisiveness on the way forward signalling some more downtrend could be in place. We still have well defined zones which could act as a turning point. We have a demand zone at 27043 with a stop loss of 26617, fine tuning this zone we have another one at 26920 with a stop loss of 26762.
Looking at supply zones we have one at 28251 with a stop loss of 28602. Another one on a higher time frame exists at 29325 with a stop loss of 29770.
The markets look to be well defined by boundaries on either side and might be seen sideways for a couple of days of the week before it decides its next move. However it surely looks like to get more volatile as the government might come out with some measures focused on the capital markets as hinted in their announcements.