The Nifty index ended the week at 24,541, staying within the support range of 23,800-24,000 that was previously mentioned. The index moved above the 24,400-24,600 zone, closing just below its resistance level of 24,600.
Throughout the week, Nifty fluctuated between 23,900 and 24,400. A close above 24,600 suggests that the bullish trend might continue, with potential targets at 24,900 to 25,200 in the coming weeks.
Weekly Trading Overview
The week began with the Nifty opening flat on Monday, briefly testing the 24,000 support level before rebounding strongly by Friday. Despite facing selling pressure, Nifty consistently found support at 24,000.
By week’s end, the index benefited from short covering at this level, closing near the immediate resistance of 24,600, which strengthens the bullish outlook. For the upcoming week, key support levels are expected to be around 24,000-24,400, with resistance near 24,600-24,900.
Bank Nifty Performance
The Bank Nifty opened sideways on Monday and struggled to stay above the resistance level of 51,000, signaling potential weakness. The index showed a bearish trend throughout the week but managed to close near its weekly high of 51,000.
However, as long as support levels hold above 48,500, the bullish outlook for banking stocks remains positive. Immediate resistance for the Bank Nifty is at 51,000, with further resistance at 52,000.
Conclusion
Both the Nifty and Bank Nifty have closed above their monthly support zones despite market volatility, maintaining a generally bullish stance. Investors should closely monitor these key support and resistance levels when considering trades in the coming sessions.
Stocks to Buy on Monday
Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi, suggests three stocks to buy on Monday, August 18:
- Bata India: Buy at ₹1420 with a stop loss at ₹1380 and a target of ₹1480.
- Tata Chemicals: Buy at ₹1020-1030 with a stop loss at ₹985 and a target of ₹1085.
- Power Grid: Buy at ₹335-340 with a stop loss at ₹325 and a target of ₹355.
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