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During the last week initially it was moving in a small range due to low volumes, hence it was only on the downside, but on the second Thursday, price buying was seen from lower levels, i.e. one-way up from the bottom only. Seen only on Thursday. Indicators for the week were upside down, with Sensex at 1436, Nifty50 at 445 and Nifty Bank at 544. There was an increase in points, a trend that has been seen for the past few weeks in which an entire week’s volume can rise or fall in a single day, which is unusual, on the other hand, on a global scale. Cases, whether the market will be affected due to Corona like disease in China or not, hence time will tell in the new week, it is still necessary to adopt a wait and wait policy as no solid chart formation has been seen yet to call for fresh Is. Buys into chart structure. Weakness is visible, but it is possible that the budget may see a boost but in the current scenario it is a bit premature to say…
Nifty 50 (Closing Price 24004) :- Nifty 50 closed up 191 points after a weekly swing of 766 points during the week, Nifty 50 once again took the support of 50 weekly moving average this week but failed to close above 24065-24100, It is expected to see a positive move above this level, in the new week there will be a hurdle of 24225 which is the 50 level hurdle on the daily chart above which 24450-24500 levels will be visible and 23800-23500 will be a hurdle. Important support.
nifty Bank (last price 50988): – Bank Nifty closed down by 322 points after a weekly swing of 1484 points during this week, Bank Nifty has seen weakness this week against Nifty 50, it was mentioned in last week’s issue that there was weakness in the banking sector. It will be seen, 50500 -50000 will remain the major support in the new week and 51680-51700 will remain the major obstacle, Weakness is expected to continue in Bank Nifty till weekly close above 51500-51700.
Sales figures this week were better than expected, with the auto sector up by about four percent and FMCG up by about two and a half percent. Analysts believe that like the quarterly results, this session too the results will be weak. Start coming…