To start with, month of September was full of volatility. Nifty opened at 17552 and made a high of 18123 after which it tumbled down to a low of 16764 amid global concerns of rising inflation and recession (erased almost 1360 points from its monthly high) and settled at 17103.
Coming to the last week of the September i.e. 26th to 30th September nifty opened with a gap down at 17211 on Monday and made a low of 16764 on Friday and gave a sharp recovery after the RBI announced a rate hike of 50bps. Nifty recovered the entire weeks fall in just one day making a high of 17210 and closed at 17103.
Going ahead in the coming week and coming month, nifty first has to fill a small gap of 79 points and sustain above the same. 16908 remains important level for the month of October. On downside if it breaks 16908 then it may test 16760 / 16435 / 16230.
Bank Nifty opened at 39006 and made a high at 41855 and settled at 38807 in the month of September. BankNifty’s previous high was 41820 (29/10/2021). On Friday showd a good recovery from its low 37580 to a high of 38988 and closed at 38807 near its 50 DMA.
In coming week and coming month 37950 remains a important level.
Mentioning a few stocks to look for in the coming week.
