Nifty, Nifty Bank Near-Term Bias & Resistance Levels

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Nifty, Nifty Bank Near-Term Bias & Resistance Levels

By Malvika Gurung

Investing.com -- The domestic market closed with losses for the third time in a row last week with benchmarks recording their worst week in six months and declining 2.5%. Indices Nifty 50 tanked 1.77% and Sensex shedded 980.93 points, closing below the psychologically significant 60,000 mark on Friday.

Nifty slipped below the 200DEMA (double exponential moving average). In a note provided to Investing.com, Rupak De, Senior Technical Analyst at LKP Securities stated that the daily momentum indicator is in a bearish crossover and falling.

“The sentiment has turned extremely bearish; a further decline is expected from here, with a potential near-term reach of 17550. Resistance on the higher end is visible at 18000–18100,” he added.

Apurva Sheth of Samco Securities places immediate support for the index around 17,700 levels followed by 17,400 levels while capping resistance at 18,200 levels. “We would wait on the sidelines and not commit to fresh longs yet,” he notes.

Further, the Nifty Bank index closed 1.75% lower on Friday, painted in red, led by the state-owned stock PNB (NS: PNBK ) tumbling over 7%.

According to De, the Nifty Bank slipping below the 50EMA on Friday confirmed a bearish trend reversal, stating that the momentum indicator is in a bearish crossover and falling.

“The sentiment has turned extremely bearish; a further decline is expected from here, with a potential near-term reach of 41000. Resistance on the higher end is visible at 42000,” the analyst added.

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  • Hemant Patel @Hemant Patel
    (nifty 17740 Below close is Bearish and 17870 Above Bullish)
    Like 2
  • Harish Gawade @Harish Gawade
    Target 17055, then bounce upto 17326,again reversal upto 16763
    Like 5
    • Dadasaheb Jarag @Dadasaheb Jarag
      good analysis
      Like 0
    • Vivek Wisdom @Vivek Wisdom
      today is recovery time Di are buying and retail invester will make fresh entry which will take the market 18000 today
      Like 2
    • Tanmay Mukherjee @Tanmay Mukherjee
      traders like you are like serpents and gambler. you will again change your view if market rallys 200-300 points up . lol kid
      Like 1

      • Comment Guidelines

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  • Alok Bhargava @Alok Bhargava
    16500 ayega
    Like 1
  • Intekhab Alam @Intekhab Alam
    near demand zone
    Like 0
  • Sajad Shah @Sajad Shah
    17000 soon
    Like 2

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