Friends, as we are seeing Russia Ukraine war is getting neutral and Mr. Putin has given a positive statement regarding compromise. We have discussed in the last article as nifty was strong and crossed its all moving averages i.e. 20, 50, and 200. In the last week, it was trading near resistance 17350 and after so many struggles it has succeeded. Nifty has crossed 17500 as well and closed above, now 17500 is strong support and 17800 / 18000 is the next resistance.
Also, the new financial year has been started so we are expecting a fresh rally as the market was very oversold. Before one week nifty has confirmed Inverted H&S and worked well. We have seen good buying in all sectors apart from the bank sector.
On the first day of the April series private banks have shown good buying from the bottom levels. And bank nifty has also given a breakout to the Inverted H&S neckline. That is also strong confirmation on the daily chart and we are expecting good up moves in private banks as per our study. Also, Banknifty has given breakout to 50 & 200 DMA. If we go through the private banks like HDFC Bank, ICICI Bank, Axis Bank, and Kotak Bank so many banks have given a chart pattern confirmation. Banknifty has next support is around 37000 and resistance is 38000 for the coming week.
We are bullish on market, however expecting on profit booking before a big rally.
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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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