Charts for the Week, 29th January, 2024
Analysis , Charts
NIFTY 50
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On a weekly chart after a peak, it fell sharply, following with another bearish candle. But long wick at the bottom and Daily price actions looks like a reversal from Bottom.
But it could be too early, to say, it could be a sell on rise also. No clear direction.
Important Levels
- Resistance – 21,500 – 21,550
- Support – 21,150 – 21,250
- No trading Zone – 21,150 – 21,250
BANKNIFTY
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After a Doji, Banknifty has been continuing a fall for the 3rd consecutive week, expecting some recovery this week. But the overall trend is sell on rise.
On daily time frame, some buying is observed at the bottom.
Important Levels
- Resistance – 45,000 – 45,100
- Support – 44,300 – 44,500
- No trading – 45,000 – 45,100