Buy or Sell: After a week marked by significant global events including the US Presidential election and this federal Reserve Nifty index closed at 24,148 in the meeting.
despite some instabilityThe index is stuck in the trading range of 23,800 to 24,800. The direction of the breakout, either above or below this zone, will likely set the tone for the next phase of the market, paving the way for both bulls and bears.
Weekly Trading Overview
The week started with a gap-down opening on Monday, with Nifty taking important support around 23,800 points. However, the index rebounded sharply and climbed back towards the resistance zone between 24,600 and 24,800. Wonder US presidential election resultsIndian indices gained some strength on the re-election of Mr Trump as the next US President. This global sentiment provided initial optimism, but profit-taking soon began, taking the Nifty back to around 24,200 by the end of the week.
Despite several attempts to break the immediate resistance level of 24,600-24,800, market It struggled to maintain the upward momentum, resulting in increased profit-taking and a lack of sustained bullish momentum.
On the daily chart, Nifty completed a head and shoulders pattern, taking it to a new low of 23,800. Looking at this pattern, the next major support level is 23,500. If Nifty manages to sustain above this level, the resistance zone will shift to 24,800-24,900 in the upcoming sessions.
bank nifty performance
The Bank Nifty index traded in a tight range throughout the week, moving between 51,000 and 52,500. Despite this limited range, Bank Nifty has managed to maintain its strength by staying well above the key 50,500 level. Breakout above 52,000 will indicate further bullishness motionResistance levels were seen at 53,500 and then 55,000.
conclusion
Despite early market volatility, both Nifty and Bank Nifty indices have successfully closed above their respective monthly support zones maintaining a generally bullish sentiment. Investors are advised to closely monitor key support and resistance levels while evaluating Business Opportunities in upcoming sessions.
Stocks worth buying on Monday
1. Infosys Limited (Information, buy at 1,830 | at target price 1,900 | stop loss here 1,260.
2. State Bank of India Limited (SBIN, buy at 843 | at target price 885 | stop loss here 815.
3. National Aluminum Company Limited (Nationalum, buy at 238 | at target price 270 | stop loss here 220.
Disclaimer: The views and recommendations given in this analysis are those of the individual analysts or broking companies and not of Mint. We strongly advise investors to consult certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
