NIFTY OUTLOOK FOR THE NEXT WEEK
In the last week, In nifty we have seen massive selling and RBI interest hike will further increase the selling therefore nifty breaks the support and sustain below 16800 and give negative closing.
On the expiry nifty tries to move up but it failed, again we see selling and nifty close near the RBI interest rate hike day support of 16600.
On Friday again due to global markets selling off we open gap down and consolidate whole day but not seen selling off further,
This might be strength of nifty ??
Share your thoughts in comment section.
Nifty outlook for the next week in respect to technical analysis
If we not break the weekly support of 16340.
We still have chances of bounce back on the upperside in nifty, but we need to cross
16800 in next one day and reach to 17000 and then we say the price has strength.
If this is the case then 16350 is bottom for nifty and we move higher and higher.
If in next 3 days we can’t break it on upperside then we see further sell off and nifty move towards to 15500-15800 once again.
Next week for the nifty is really important.
As you in the above image, there is a gap to fill on the upperside is pending.
We can buy on Friday’s high 16500 once pricing start sustaining on it and next resistance for the price is 16650.
And if we break the low of friday’s we can further sell off below 16340 as discussed above.
Below targets for nifty are 16000-16200.
Believe me In next 6-8 months for Indian stock market is going to be awesome and market is testing your patience.
Banknifty outlook for the next week
In the banking sector also we have seen Massive sell off in the last week.
Almost all the stocks in the banking sector are oversold and trade near to support levels.
If we see further sell off in the stocks we might breakdown of there support levels.
Sometimes market will trap you and recover fast, then there is no looking back for the market.
So wait for the right opportunity to come and work with your proper risk management.
If we see breakout of Friday’s high 34750 in Banknifty then we fill the gap which is remaining and we go near to 35000-35100 levels.
Breakdown of Friday’s low can push Banknifty more lower towards the 33500 – 33800 levels.
Important key factors for the market to look In the coming week
- Quarterly earnings of 300 companies will disclose.
- LIC ipo closing its Rs 21,000 crores public issue on Monday.
- Vensus pipes & Tubes will be another IPO that will open on Wednesday.
- Fiscal Deficit numbers for March 2022 will be released on Monday.
- And also industrial output data for March will be announced on Thursday.