From a 52 week low to closing the weekly session at session highs, the mood of the Nifty changed along with the bias of several traders including us. We are now short term positive and subject to dips holding 7230 in the next few weeks we aim for 7604 immediately, 7834 next and 8136 in the weeks to come.
For the duration of the coming week only:
- The vwap of Feb series at 7230 previous resistance and now support and should also hold on dips
- We are in a sideways 7630- 7230 bracket again
- A fresh upmove will be seen if we manage a cross above 7710 in the coming week and can take us to 7910/ 8080 immediately
- By and large, we should remain in the bracket marked above if we do not cross 7710 during the week
- But on longer time frame charts next week if closing abv 7550 opens up 8100 and 8340
BankNifty spot:
For the duration of the coming week only:
- The region around 14700 is a big support for the BN now
- We see a closing above 15400 in the week having the potential to push the BN upto 16000 and eventually 17000 n the coming weeks
- If 15400 is not overcome immediately it could rotate down again
- However, the region around 14700 is a big support for the index on any big pullback
- Outlook is directional above 15400 in coming week else sideways.