Market
saw heavy selling amid us tariff news will this fall continue further?
In
the last week we saw heavy sell off in the market amid geo political tension us
terrif news, Russia Ukraine war and Israel - Iran tensions. In the first three
days nifty traded in the narrow range with mixed views but on Thursday and
Friday amid us terrif news we saw a sharp fall in the market nifty closed at
24565 which is very near to its major support 24500 levels. If nifty slips
below 24500 and closes below it then we may see a further breakdown in the
markets and nifty may slip towards 24000 levels. But if the markets find
support @24500 levels and reverse back then we may see nifty towards 25000
again. Markets in the current scenario will trade in a narrow range of 24400 to
24900. We must wait for the proper breakout before any new long or short
positions.
Banknifty
also traded weak in the last 2 weeks and on Friday banknifty fell more than 500
points to close below 55700 levels. But if we compare banknifty with nifty,
banknifty is in a better and stronger position, if in the next week markets
find the supports and bounce back, banknifty will rise more than nifty. If
banknifty closes above 56000 then we may see it towards 56500 and 57200 levels
soon.
Important
Levels for Nifty Next Week
- Major Support Levels for Nifty
- Support 1 – 24250
- Support 2 – 24000
- Support 3 – 23700
- Major Resistance Levels for Nifty
- Resistance 1 – 24750
- Resistance 2 – 25000
- Resistance
3 – 25250
Important
Levels for Banknifty Next Week
- Major Support Levels for Banknifty
- Support 1 – 55500
- Support 2 – 55100
- Support 3 – 54600
- Major Resistance Levels for Banknifty
- Resistance 1 – 55900
- Resistance 2 – 56400
- Resistance 3 – 57000
Important Stocks to Watch Next Week
CMP @ 599
Buy Above @ 610
Stop Loss @ 550
Targets @ 630, 660 and 690
CMP @ 895
Buy Above @ 905
Stop Loss @ 840
Targets @ 930,960 and 990
CMP @ 1945
Buy Above @ 1960
Stop Loss @ 1890
Targets @ 2000, 2050 and 3020
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