Nifty 50
The NIFTY index recently touched a high of 23,803 but has been in a downtrend, forming three consecutive red candles. On Friday, it closed at 23,559.95, down 43.40 points (-0.18%).
Support Levels (Downside)
- Immediate support: 23,508
- Crucial level: 10-day Moving Average (MA) at 23,431
- If both these levels break, NIFTY could slide further to 23,280 and 23,225.
Resistance Levels (Upside)
- First hurdle: 23,690 (Needs stability above this)
- Major resistance: 23,800
- If NIFTY sustains above 23,800, it could aim for the 200-day MA at 24,039.
Market Sentiment
The market is currently struggling to close with a green candle, signaling weak confidence. The key level to watch is 23,431—if NIFTY holds above this, further downside may be avoided. However, failure to sustain could trigger more selling pressure.
bankNifty
On Friday, Bank NIFTY closed at 50,158.85, down 223.25 points (-0.44%), after the RBI announced a 0.25% interest rate cut in its monetary policy. The index made a high of 50,650 and a low of 49,884 during the session.
Support Levels (Downside)
- Immediate Support: 49,669 (10-Day Moving Average). If this level breaks, further downside is likely.
- Next Support Levels: 49,532 and 49,190—critical for maintaining market stability.
Resistance Levels (Upside)
- Key Resistance: 50,638 – Bank NIFTY needs to sustain above this level for an upward move.
- Next Target: 50,897 (200-Day Moving Average). Holding above this could trigger further upside.
Market Sentiment
- Trading Range: 49,669 – 50,638
- A break below 49,669 could open the door for more downside.
- Sustaining above 50,638 may push the index higher.
- Friday’s low (49,884) acts as support to prevent a retest of the 10-day MA.
Overall View: Bank NIFTY remains range-bound, with a breakout in either direction setting the tone for the next big move. Watch key levels closely!
