Weekly Recap:
Bank Nifty opened last week with a gap-down at 49,336.10, plunging 2,166.6 points or -4.21%. However, it recovered over the course of the week and eventually settled at 51,002.35, registering a modest weekly decline of -0.97%.
Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial range to watch for potential reversals or trend continuation is 50,860 to 51,115
Support & Resistance Levels:
Support Levels:
Resistance Levels:
Market Outlook:
Bullish Scenario: If Bank Nifty sustains above 51,115, it could see buying interest, potentially pushing towards R1 at 51,560 and higher levels.
Bearish Scenario: A breakdown below 50,860 could trigger further downside pressure, targeting S1 at 50,487 and lower support levels.
Disclaimer: lnkd.in/gJJDnvn2
Bank Nifty opened last week with a gap-down at 49,336.10, plunging 2,166.6 points or -4.21%. However, it recovered over the course of the week and eventually settled at 51,002.35, registering a modest weekly decline of -0.97%.
Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial range to watch for potential reversals or trend continuation is 50,860 to 51,115
Support & Resistance Levels:
Support Levels:
- S1: 50,487
- S2: 50,103
- S3: 59,650
Resistance Levels:
- R1: 51,560
- R2: 52,011
- R3: 52,577
Market Outlook:
Bullish Scenario: If Bank Nifty sustains above 51,115, it could see buying interest, potentially pushing towards R1 at 51,560 and higher levels.
Bearish Scenario: A breakdown below 50,860 could trigger further downside pressure, targeting S1 at 50,487 and lower support levels.
Disclaimer: lnkd.in/gJJDnvn2
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