Last Close: 16,945.05
The near-term charts suggest that the index is expected to trade in the range of 17,250 to 16,800. A trade above or below this range will act as a trigger for the market to move in a particular direction.
Given that this is the last week of the financial year, the Nifty index is likely to remain sideways and consolidate with a bullish trend.
Hence, the best trading strategy for the traders would be to buy on dips with a strict stop loss of 16,800 on a closing basis.
No Trade Zone: 16,990 – 16,900
Intraday resistance: 17,020 – 17,064 – 17,164
Intraday Support Levels: 16,864 – 16,800 – 16,625
Last Close: 39,395.35
The charts suggest that the near-term trend of the index is range bound with a range of 40,150 to 38,600. A trade above or below this range will act as a trigger in the direction of the market. However, in the short term, the index is oversold, and a technical bounce can be expected.
Resistance for the market is expected near 41,000 levels. Hence, the best trading strategy for the traders would be to buy near the support level or look for opportunities to accumulate on the downside, as after the end of this month, the index is expected to witness a technical bounce.
Lastly, traders can expect the Nifty Bank index to remain in a range bound range in the near term, with a possible technical bounce in the near term.
The range of 40,150 to 38,600 will act as a trigger for the market to move in a particular direction. Traders can use the strategy of buying on dips or accumulating near support levels to capitalize on the expected technical bounce.
However, it is important to note that market trends can change rapidly, and traders should always be vigilant and follow their own risk management strategies.
No business area: 39,505 – 39,281
Intraday resistance level: 39,681 – 39,881 – 39,999