Nifty ended its week at 17323.60 near its all-time high up by 3.7% on weekly basis. Bank Nifty ended its week at 36761.15 up by 3.2% on weekly basis.
Lets look the the previous weeks top 3 index gainers and loosers on Weekly basis.
Going Ahead Nifty’s Option data Indicates
Call Side:
Highest OI data at 18000 followed by 17300 levels
Put Side:
Highest OI data at 17200 followed by 17000 levels
The current data indicates Nifty still has an upside potential if it manages to sustain above 17300 levels. Its further resistance levels should be 17411 / 17491 / 17604 / 17750. While it’s immediate support levels should be 17209 / 17108 / 17026 levels.
Bank Nifty:
Bank Nifty’s Option data indicates
Call side:
Highest OI is at 37000 levels followed by 38000 levels
Put Side:
Highest OI is at 36000 levels followed by 36500 levels
Bank Nifty on Daily as well as weekly charts has given a flag breakout. In near term the Bank Nifty has an immediate resistance at 37000 levels above which it has potential targets of 37180 / 38000 / 38615 levels while its immediate support levels are at 36500 / 36024 / 36285 levels.
While Axis bank, ICICI Bank has been making new all-time high HDFC Bank, Kotak Bank & Indusind bank are way behind their all-time highs. The above 3 banks have a good potential to give handsome returns in short term.
Kotak Bank has a strong resistance at 1820, further its targets should be 1854 / 1895 / 2022.
Indusind bank has a strong resistance at 1060, further its targets should be 1113 / 1206.
HDFC Bank has a strong resistance at 1600, further targets should be 1620 / 1656 / 1761.
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