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| Item Details | Price | ||
|---|---|---|---|
Nifty 50 found support in the gap-up area as described in the last weekly blog and bounced from there twice and finally broke the trendline.
After Broking the trendline it found resistance from 18150-18260 levels. For any upside move nifty needs to break the resistance and on the downside, it can find support on a level around 17976 followed by a Gapped up area.
On Friday, Nifty 50 closed at 18027.65(-0.44%). Nifty rejected the resistance and was continuously under selling pressure.
It also broke the previous resistance which was working as a support area. There is a support presence on the downside at level 17995 followed by a demand zone beneath of it. For any upmove, Nifty needs to break the trendline.
Bank Nifty showed a good price action movement last week. After rejecting from the resistance level as described in last week's blog, it rejected from the same level and then found support in the gapped-up area.
Bank Nifty forms HL structure after reciting from the gapped-up area and for any upwards movement. It needs to break the resistance and then the trendline and on the downside, the gapped-up area and HL trendline can work as support for BN.
On Friday, Bank Nifty closed at 42506.80 (+0.42%). BN broke the descending channel with a gap and found resistance and failed to cross the supply zone present above. Post that it continuously found support on resistance as described in the 20th Jan blog.
For any upside movement, BN needs to break the trendline first and it can find support on gapped up area and support line near 42291 level.
Heatmap from Trendlyne websiteAnalysis by
Dixit from MT Team
Equity Research Analyst (Technical & Fundamental). Experienced Index Analyst.
