Will the Nifty sustains its higher level, or is this a deceptive rally?

Technical View On Nifty

  • The nifty has made a fantastic move this week, rising from a low of 15900 to a high of 16352 on Friday. Bank nifty has fueled the nifty’s rally.
  • Overall global cues are positive, indicating that Indian markets will open higher this week.
  • But what Next?
  • If the Nifty opens with a gap up on Monday and maintains above higher levels, we can expect a further rally to 16650-16700 in the coming week. We can also expect some consolidation or minor correction before moving further, as that is how markets work.
  • Immediate support will be at 16200-16250.
  • The major support level is 15900-16000.
  • Resistance levels will be 16400 and 16500.

Technical View On Bank Nifty

  • Bank nifty rallied almost 4% in this week led by heavy-weight private banks and manage to close at the 35600 level.
  • PSU Banks also support the rise in bank nifty which shows strength will continue in bank nifty.
  • The near-term resistance level in bank nifty is at 35950-36000.
  • The New Support level will be 35000-35150.

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