April 26, 2024
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Nifty 50 Nifty Bank Analysis for April 29, 2024
Table of Content
Chanakya’s Nifty Bank & Nifty 50 Investments Analysis
Nifty Bank (48201):
*Major Trend: Bullish
*Trend for 29 April: After weak opening, Bank Nifty is expected to bounce back
*On higher side, it is expected to move up to 48557
*On lower side, expected to decline to 47966
Nifty 50 (22420):
*Major Trend: Bullish
*Trend for 29 April: After weak opening, Nifty is expected to bounce back
*On higher side, expected to move up to 22565
*On lower side, it is expected to decline to 22330
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Nifty Analysis by Shrikant Chouhan Head Equity Research Kotak Securities
On the last day of Monthly F&O series the benchmark indices witnessed a strong uptrend rally, the Nifty ends 168 points higher while the Sensex was up by 487 points. Among Sectors, almost all the major sectoral indices were traded in the positive territory but PSU Bank index outperformed, rallied 3.7 percent.
Technically, after a muted opening the Nifty/ Sensex successfully cleared the short-term resistance of 22475/74100 and post breakout it intensified the positive momentum. It also formed long bullish candle on daily charts, which supports further uptrend from the current levels. For the trend following traders now 22475/74100 would act as a trend decider level. As long as the index is trading above the same, the breakout formation is likely to continue. Above the same, it could move up till 22700-22735/73800-74000. However, below 22475/74100 the sentiment could change. Below which, the market could retest the level of 22350-22300/73800-73600.
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‘Ll market go down continuously
Will market go down continuously or not
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