Nifty Momentum Wanes: Post-Market Sell-Off Raises Eyebrows
Nifty Futures Chart
Nifty index, despite the weekly closing falling short of the all-time high of approximately 22,126.80, there are several indicators pointing towards continued bullish momentum. One such indicator is the weekly stochastic, which has shown a bullish crossover after reversing from the 60 levels. This suggests that the buying pressure is strengthening, potentially leading to further upward movement in the market during the upcoming week. Additionally, the long/short ratio, currently fluctuating between 36-40, holds significance in determining market sentiment. A steady increase in this ratio by the next week could provide additional support for the bulls, fueling further upside movement in the Nifty index.
However, it’s crucial to consider the possibility of a reversal or correction in the market. If the Nifty index were to close below the 21,800 level in the upcoming week, it may indicate a weakening of bullish sentiment and could prompt a retest of the 21,500 support level.
Nifty Options CE Chart
Nifty Options PE Chart
Top Nifty Gainers
Top Nifty gainers were Tata Steel, SBI, Indusind Bank, JSW Steel & Sunpharma.
Top Nifty Losers
Top Nifty losers were BPCL, NTPC, Coal India, Powergrid & Wipro.
Bullish Momentum Faces Test: Bank Nifty Awaits Breakout Confirmation
Bank Nifty Futures Chart
Bank Nifty’s performance closely the index needs to maintain the support level of 46,000 in the upcoming week to sustain its bullish momentum. If it successfully holds above this level, there’s a possibility of it testing the 47,500 level, indicating further upward movement.
However, failure to maintain support at 46,000 could result in additional selling pressure, potentially pushing the Bank Nifty down towards the next support level at 45,500.
Bank Nifty Options CE Chart
Bank Nifty Options PE Chart
Top Bank Nifty Gainers
Top Bank Nifty Gainers were SBI, Bank of Baroda, Indusind Bank & ICICI Bank.
Top Bank Nifty Losers
Top Bank Nifty losers were Federal Bank, Axis Bank, PNB, IDFC First Bank & Kotak Bank.
