The Nifty index ended the week at 24,852, staying within the expected support range of 24,800 to 24,900. The index moved between 24,800 and 25,400 throughout the week, and since it closed above the key support level of 24,600, the bullish trend might continue. The Nifty could test resistance levels between 25,200 and 25,500 if it maintains above 24,600.
Weekly Trading Summary:
- The week started with a gap-up on Monday, approaching the resistance level of 25,500.
- The Nifty stayed within a range of 24,800 to 25,500 during the week.
- Currently, the Nifty is in the oversold zone. For next week, support is expected at 24,500 to 24,600, while resistance is around 25,200.
Bank Nifty Performance:
- The Bank Nifty also saw a gap-up opening on Monday but fell below the 51,000 support level by the end of the week.
- It formed a bearish flag pattern, suggesting a possible downward trend.
- Major support is at 49,500, and resistance is at 52,000, with further resistance at 53,500.
Both the Nifty and Bank Nifty closed above their monthly support zones despite some volatility, indicating a generally positive sentiment. Investors should keep an eye on key support and resistance levels for future trading.
Stocks to Buy on Monday:
- Hindustan Unilever: Buy at ₹2,840 | Target Price: ₹2,950 | Stop Loss: ₹2,760
- ITC: Buy at ₹502 | Target Price: ₹530 | Stop Loss: ₹485
- Zomato: Buy at ₹260 | Target Price: ₹285 | Stop Loss: ₹245
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
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