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NIFTY & BANK NIFTY WEEKLY OUTLOOK

Source : http://www.moneyvistas.in/  
Here is last week sector wise performance :














Nifty weekly levels :




PIVOT -----  5129
SUPPORT ----- 5100/5063/5034
RESISTANCE ----- 5166/5195/5232

If anything dramatic happens we have strong support at 4990
After breaking out from huge Head and shoulder we are trading in a range of 700 points from 6 months.
Take a look at monthly chart here.
















200 day moving average raising fast and now it is at 4800.If everything is ok globally ,trading range might shift to 5000 to 5400 in coming days.If we get a breakout above 5300 also for every 100 -150 points raise  it will be difficult to sustain at higher levels.

Levels to watch out for next week
Downside ----- 5090 , 5060 ,5030 and 4990
Up side ----- 5168 , 5200 , 5240 and 5300

Bank nifty weekly levels :



PIVOT -----  9159
SUPPORT ----- 9088/9002/8931
RESISTANCE ----- 9244/9315/9401

Going ahead bank nifty has strong support at 8600 levels and strong resistance comes at 9400 levels.As long as bank nifty stays above 9400 it's bullish and if bank nifty holds above 9400 level it will move nifty along with it.From past 5 weeks bank nifty closed in positive territory.

Bank nifty 200 day moving average comes at 8200

For next week we have support at 8880 level and strong resistance at 9400 level.

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Cheers & Best to your trading



Disclosure: no positions