The street seems to be grappled well within the control of bears as there is no respite for the bulls since the last 2 weeks. Every opportunity on the higher sides seems to be taken by the bears to enter a fresh short in the market. Nifty as well as Nifty bank have shed more than 400 and 2000 points respectively. Taking a hawk eyes view it would be important to watch where the street finds the end to the selling spree.
The nifty seems to be in a equilibrium with a bearish bias. We have a demand zone at 11192 with a stop loss of 11136, might be a possible stop for the nifty. Another demand zone comes at 11091 with a stop loss of 11000, last one comes at 10863 with a stop loss of 10585. Looking at supply zones we have one at 11670 with a stop loss of 11706. Another supply comes at 11725 with a stop loss of 11981. It could be assumed that the index would move within the specified range for the coming week.
Nifty bank too seems to be in an equilibrium on a higher time frame with bearish bias. However we saw some green shoots during the last session of the week as we now have a newly formed demand zone at 29085 with a stop loss of 28871, the next one comes at 28654 with a stop loss of 28525, lastly we have one more at 27840 with a stop loss of 27492. Looking at higher time frame we have a major demand zone at 27043 with a stop loss of 26617, important to note that if the same is breached we would be looking at some major fundamental disappointment on the street. Looking at supply zones we have one at 29705 with a stop loss of 29836. The next one comes at 30532 with a stop loss of 30800. Another one on the higher time frame lies at 31098 with a stop loss of 31660.
It is suggested to be cautious for the weeks to come as we may see some more developments over the trade negotiations. Result season would try to give some cues to the street which could cause some volatility in the coming week.
The nifty seems to be in a equilibrium with a bearish bias. We have a demand zone at 11192 with a stop loss of 11136, might be a possible stop for the nifty. Another demand zone comes at 11091 with a stop loss of 11000, last one comes at 10863 with a stop loss of 10585. Looking at supply zones we have one at 11670 with a stop loss of 11706. Another supply comes at 11725 with a stop loss of 11981. It could be assumed that the index would move within the specified range for the coming week.
Nifty bank too seems to be in an equilibrium on a higher time frame with bearish bias. However we saw some green shoots during the last session of the week as we now have a newly formed demand zone at 29085 with a stop loss of 28871, the next one comes at 28654 with a stop loss of 28525, lastly we have one more at 27840 with a stop loss of 27492. Looking at higher time frame we have a major demand zone at 27043 with a stop loss of 26617, important to note that if the same is breached we would be looking at some major fundamental disappointment on the street. Looking at supply zones we have one at 29705 with a stop loss of 29836. The next one comes at 30532 with a stop loss of 30800. Another one on the higher time frame lies at 31098 with a stop loss of 31660.
It is suggested to be cautious for the weeks to come as we may see some more developments over the trade negotiations. Result season would try to give some cues to the street which could cause some volatility in the coming week.