Bank Nifty Weekly

Bank Nifty Weekly View

The Nifty Bank index closed at 26,878.55, down 108.25 points on December 27. The important Pivot level, which will act as crucial support for the index, is placed at 26,735.83, followed by 26,593.07. On the upside, key resistance levels are placed at 27,130.63, followed by 27,382.67.

Weekly chart

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Weekly Equity Report

Nifty Weekly View

The market remained in favour of bulls throughout the session on December 27, though it was volatile amid expiry of December futures & options contracts. Positive global cues on easing tensions between the White House and Federal Reserve, and also the hope of settlement between world's largest economies, the US & China over trade lifted market sentiment.

Weekly Chart

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Weekly Equity Report

Nifty Weekly View

Nifty has formed a bearish engulfing candlestick pattern on the weekly chart and is facing resistance near its 200-day EMA resistance of 10,700. For the higher top-higher bottom trend setup to continue, Nifty has to give a close above the 10,700-10,750 levels, post which, it could see an extension till 10,900. On the downside, support for the index is seen at 10430-levels.

Weekly Chart

Bank Nifty Weekly View

Bank Nifty, meanwhile, traded in a tight range and ended the week nearly flat after having witnessed a strong breakout above its 200-day EMA in the previous week. There was a decline in momentum, which was indicated by the daily MACD-histogram. Immediate resistance is seen at levels of 26,400, a close above which could see the index move towards 26,800-27,000-levels, while support on the downside is seen in the range of 25,850-25,800-levels which coincides with its 200 day EMA.

Weekly chart

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Nifty Weekly View

Nifty ended lower in the stress full week on the back of increasing tension talks between US & China trade war and rupee's fall, failed to cheer market participants to boost up the sentiments. Nifty closed below 8 EMA (Exponential moving average) which depicts bears overpower bulls. One can expect downside movement if it breaks immediate support mark i.e. of 9950 and for now immediate resistance mark is 10275.

Weekly Chart

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Nifty Weekly View

Nifty traded lower for the third consecutive week as increasing tension talks between US and China trade war, rupee's fall and narrowing the current account deficit, failed to cheer investors to boost up the sentiments. Nifty closed around 20 Exponential moving average which depicts bears overpower bulls.

Weekly Chart

Open interest for the week

Monday	Tuesday	Wednesday	Thursday	Friday
26427600	26291175	25601100	-	23382075

Most Active Nifty option

Scrip	Strike price	Option type	Open interest
Nifty	11200	PE	2578650
Nifty	11100	PE	2567100
Nifty	11400	PE	2211000

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Weekly Equity Report

Nifty Weekly View

Nifty after sharp gap up opening witnessed sustained buying interest throughout the trading session to extend its gains above psychological 11,500-mark on Friday ahead of Prime Minister's meeting with top government officials to review the current economic scenario.

Weekly Chart

Bank Nifty Weekly View

At a recent low of 26,555 Bank Nifty almost tested its critical support on the long-term charts whose value is placed at 26,530 levels. In case if this critical level is breached then bears can make a decent buck out of this breakdown as downsides shall get extended up to 25,590 levels which is like our worst case target for this index.

Weekly chart

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Bank Nifty Weekly Report

Bank Nifty Weekly View

Bank Nifty, is moving with a lag and is underperforming the Nifty index as it has failed to register a fresh lifetime high unlike the Nifty. The index has formed a Double Top kind of formation around the 28,380 levels. A crack below 27,800 would drag Bank Nifty even lower.

Weekly chart

Open interest for the week

Monday	Tuesday	Wednesday	Thursday	Friday
2464400	2370680	-	2030640	2012760

Most Active Bank Nifty option

Scrip

Strike price

Option type

Open interest

Bank Nifty

28500

CE

1031040

Bank Nifty

28000

CE

824560

Bank Nifty

28200

CE

751080

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Weekly Equity Report

Nifty Weekly View

After seeing fresh records and milestones during the week, it was an anti-climax ending for D-Street with the Nifty giving up 11,450-mark. after touching record highs for four straight sessions, following global market trends. Metals, pharma and PSU banks were the top draggers during the day.

Weekly chart

Bank Nifty Weekly View

Markets ended their five-day rally, Bank Nifty indices closing in the red. SBI took a nosedive, shedding 4% at the close and contributing 106 points in the downside move of Bank Nifty.

Weekly chart

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