Dalal street is waiting for a breakout with good volume and we are in good hope that we will get make or break levels in the upcoming week. In the last week, Nifty traded with negative bias but within a range. Nifty unable to cross its resistance level of 16000 till the date and settled around 15689.80. Bank Nifty is facing a hurdle of 36000. Bank Nifty traded both sides in the week but the bias was positive. There is continuous selling pressure from FII’s but DII’s are holding the stock market nicely at the top.
Now, what to expect from here onward?
Nifty spot has support at 15600 and resistance at 16000
Decisive break and close below 15600 will take it to 15450—15300 levels. More and more downside panic we will see on a close below 15300 or else it could test its resistance level of 15780—15850 and then to 16000 mark
Fresh breakout in Nifty futures we will expect on a close above 16000 levels only.
Traders can try to grab the opportunity to buy Nifty futures as per spot around 15450—15300 wth stop loss below 15000 on a closing basis for the upside target of 16000 and then to 16800—17500 levels in days to come.
Traders can trade safely as per the levels given above. More we will update during market hours.
On the other hand, Bank Nifty has support at 34700 and resistance at 35500—36100
Decisive break and sustain below 34700 will take it to 34050—33600 or else it could test its resistance level of 35500—36100 levels again
More and more upside rallies we will see on a weekly close above 36100 levels.
Traders can trade safely as per the levels given.