After making a bottom near 15200 Nifty gave a rise of almost 2800 points crossing above its 200 DMA and making a high near 18000 levels. Nifty took a pause from its continuous up-trend move and gave a small correction and made a low of 17384. The coming week, it may continue to correct if it sustains below 17605 levels for the downside targets of 17384 and 17175 & 16995 levels. On upside for next week Nifty has to sustain above 17725 levels for a target of 17825 and sustain above 17825 to continue its previous up-trend.
Figure 1: Nifty Daily
Similarly, Bank Nifty Made a bottom near 32335 and made a high near 39794 levels and corrected till 38000 levels in previous week. Further in Coming week if it sustains below 38800 levels it may open downside targets of 38475 / 38000 / 37640 levels. On Upside it should sustain above 39400 & 39550 levels to continue its previous uptrend.
Figure 2: Bank Nifty Daily.
Over-all the trend looks bullish with a minor correction in near future. Recommended buy on dips and wait for the correct levels.
