Nifty Daily Timeframe Analysis

Nifty 50 showed good strength last week. Nifty gapped up and exactly trading near the trendline which may work as resistance.

Nifty might face resistance on the gapped down zone along with a trendline on the upside while 16945 may work as support on the downside.

Nifty 1 Hrs Timeframe Analysis

On Friday, Nifty 50 closed at 17359.75(+1.63%). Nifty closed on the resistance on 17392 level.

Nifty may find further resistance on the 17400 zone on the upside while 17196 may work as support on the downside.

Bank Nifty Daily Timeframe Analysis

Bank Nifty broke the trendline on gapped up and traded above the resistance of the trendline.

Bank Nifty may face resistance on a gapped-down zone on the upside while a gapped-up zone may work as strong support on the downside.

Bank Nifty 1 Hr Timeframe Analysis

 On Friday, Bank Nifty closed at 40608.65 (1.75%). BN broke the trendline on gapped up and also crossed the supply zone of 40322. 
BN has an immediate resistance on the gapped-down zone on the upside while 40322 may work as strong support on the downside.

Sector Heat Map based on Last week's performance

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Analysis by
Dixit from MT Team
Equity Research Analyst (Technical & Fundamental). Experienced Index Analyst.