In previous week Nifty again made a high of 15023 – near its psychologically important level of 15085 and erased its gains and ended its week at 14717 down by 1% on weekly basis. The Index has made a range of 350 – 400 points and it is continuously trading in the range – 14650 becomes a strong support for the index and 15085 remains the strong resistance for the index in the current series. A breakout on either side will decide the further rally.
Bank Nifty also traded under pressure this entire week and gave up on its gains and ended down by 2.2% on weekly basis. 31620 and 32100 remains a support for the sectoral index and 32900 remains important resistance for this week. The current pattern indicates that the sectoral index may face some pressure and test 30450-30750.
In the Coming week following Nifty 50 Stocks will be announcing its results –