Buy or Sell: Indian stock market A tendency was seen at this bottom last week. In the last month, foreign institutional investors (FIIs) were pure sellers, who were unloading the rupee shares. 87,000 crores. This month, FIIS has already sold shares of rupee. 30,000 crores, an important figure that has added market nervousness.
Additionally, recent American CPI figures have shown that inflation increased by 3% for the first time since June, creating concern that the Federal Reserve can delay a decrease in interest rate until inflation is not cold again Lets do it. This uncertainty has made the market participants more cautious, as the current trajectory suggests that the central bank may remain on the edge for the rest of the year.
Weekly trade scene
Technically, as mentioned in the previous weekly article, the last three trading sessions formed a daily lower-high closing pattern, which is naturally recession. Nifty index 23,700-was unable to break above the mark of resistance and later slipped under the support areas of 23,300 and 23,000, re-entered the 22,700–22,800 support trajectory. While there was a notable bounce last week, bringing the index close to 24,000 points, it failed to maintain a weekly over 23,000 levels, strengthening the recession.
Daily candle patterns continue to show low climbing, indicating ongoing weakness. Traders should be careful on the purchase side until the Nifty decisively closes above 23,600 points on a weekly basis. According to the option data, the current open interest (OI) is at 0.70, which indicates oversold conditions. For the coming weeks, the index is expected to trade within 22,400 to 23,500 range, with significant support at 22,400 and resistance to 23,600.
Bank nifty performance
Bank nifty The index also saw significant benefits booking, reflecting a decline of 2% on tambling up to 1,500 points during the week and closed at 49,000 levels. After starting the week on a positive note, the index faced constant sale pressure. Further, bank Nifty has significant support at 47,500 and resistance at 50,500.
conclusion
Both Nifty and Bank Nifty are closed below their respective monthly resistance areas. For Nifty, 24,250 levels, and for bank Nifty, 50,500 levels, are important thresholds to start freshly long positions. A constant closely under these levels may increase the risk of negative side. Traders and investors should be cautious and closely monitor these major levels to better navigate the market direction.
Weekly stock
Purchase Bharti Airtel But 1710–1720; Stop closed loss 1670; target value 1765.
Purchase ICICI Bank But 1250–1260; Stop closed loss 1230; target value 1285.
Purchase HCL technology But 1710–1720; Stop closed loss 1670; target value 1750.
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