Nifty Daily Timeframe Analysis

Nifty 50 showed rangebound trading last week. The overall trend is still towards a downtrend with some bounced-back might observe.

Nifty might face resistance previous support zone of 17257 on the upside while 16945 may work as support on the downside.

Nifty 1 Hrs Timeframe Analysis

On Friday, Nifty 50 closed at 16945.05(-0.77%). Nifty closed on the support zone of 16914. 

Nifty may find further resistance on the 17000 zone on the upside while 16914 may work as support on the downside.

Bank Nifty Daily Timeframe Analysis

Bank Nifty traded in the zone and faced resistance on the trendline with selling pressure on every bounce.

Bank Nifty needs to break the 40000 zone for any up move while 38915 might work as support on the downside.

Bank Nifty 1 Hr Timeframe Analysis

 On Friday, Bank Nifty closed at 39395.35 (-0.56%). BN showed a downtrend with the resistance of 39760 zone.
BN has an immediate resistance at 39760 zone on the upside demand zone presence on the downside at 39143 level.

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.