The week ending 17th Sept 2021, Nifty made a new all-time high at 17800 levels and settled at 17605 up by 1.39% on weekly basis and Bank Nifty made a new all-time high at 38224.70 and settled at 37910 up by 3.09% on weekly basis.
Lets look the the previous weeks top 3 index gainers and loosers on Weekly basis.
Nifty has entered into a highly overbought zone now after making a high at 17800 levels. The open interest data for the next week’s expiry suggests that
Call:
Highest OI data is at 18500 levels followed by 18000 / 17800 / 17600 levels
Put:
Highest OI data is at 17000 followed by 17600 and 16500 levels. In our 3rd Sept’s article we had mentioned the highest probable targets for nifty at 17750 and today Nifty has made a high of 17800 levels where all our targets are achieved. Further if the index manages to close above 17800 levels then its resistance should be 18027 / 18185 / 18285 / 18500 levels for now Nifty has an immediate support at 17476 / 17367.
Bank Nifty
After a Long time Bank Nifty has made a new all-time high at 38224.70 levels. In our third Sept’s article we had mentioned that Bank Nifty has given a flag breakout and it may test 38000 & 38615 levels of which the index has made a high of 38224. Further Bank Nifty has a probable targets of 38615 & 40945 levels but since Nifty is now in highly over bought zone one can enter on dips for the further targets. Bank Nifty has a support at 37600 / 37120 / 36400 levels.
Update to previous article’s insights:
Kotak Bank for the targets of 1854 / 1895 / 2022 – Kotak Bank has made a high of 2017 – all 3 targets achieved.
Indusind Bank for targets of 1113 & 1206 – It made a high of 1186 near our target of 1206.
HDFC Bank for targets of 1620 / 1656 / 1761 of which it has made a high of 1598 (Still open for the rest of the targets).
*DISCLAIMER: The content published by me are not intended to serve as a professional advice or guidance and I take no responsibility or liability, express or implied whatsoever for any investment decision made or taken by readers based on its content thereof. The readers should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed here. The ONLY idea is to promote financial literacy. The content I post is purely for educational and awareness purpose. I am not a SEBI registered financial advisor. Therefore I do not provide any investment or financial advisory services. I will not be responsible for your money and your decisions. Please consult a SEBI registered financial advisor for your financial decisions.
