NIFTY/BANKNIFTY WEEKLY UPDATE

1 ago 2022

LAST WEEK UPDATE
-back with an weekly update again
-last week market tested our expected levels of 17200
-we did not predict the clear upmove
-but we were ready to pounce on the market after swing high and hidden trendline level breach of 16050 and 16420

GLOBAL UPDATE:-
-last week was heavy news driven
-us mkt after the double bottom breakout on major indicies saw consolidation and then big move
-market wait for the fed action and after market accepted miled recession figures in the us mkt
-we had discussed the dollar index topping out and dollar/inr pair
-fii turning positive in july for the first time in july was an indication of ruppee bottoming out

USA CHART WEEKLY


NEWS UPDATES
-China/taiwan tension in back in the market
-according to the weekly chart in usa market could hit a pause
-we will develop further action based on global sceario
-still belief indian markets will outperfrom
-we had discussed indian markets will decouple

NIFTY INDEX TECHINICAL
-i explained early that how banknifty trading above 200-dma will take nifty also above 200-dma
-now we can clearly see that we have a breakaway gap in both nifty and banknifty
-any sizeable correction is a just a way to enter into the markets
-ideal zone for bulls will be to defend 200-dma
-any move towards 17050-17080 should be a buying opporunity
-watchout for levels of 17430-17550-17630
-market will require fresh triggers

NIFTY SUPPORT
16970-17030-17080
NIFTY RESISTANCE
17360-17430-17550

BANKNIFTY INDEX TECHNICAL VIEW
-like i had posted during the week
-we did see 37500-37800
-we were able to capture atleast 2000 points in the melt-up in banknifty
-on weekly chart we have a clear major trendline break
-we had a target of 37800 which is done
-we will wait for a move above 38200 if market sustains above it
-if does then we will open up a move towards 39000-39200-39470

BNF RESISTANCE
37970-38115-38415
BNF SUPPORT
37250-36750-36300
(SUPPORT IS DEEPER)