Nifty and BANKNIFTY Analysis for Next Week

NIFTY
This week nifty made an all time high of 8415 and also formed series of doji’s. Technically nifty still is in overbought zone so need some correction. Improved inflation figures are favorable news for the market. On the downside 8280 is the first minor support for the nifty and second support is 8200. On the upside any strong close above 8400 will help for the nifty to move upside.

Nifty Spot Intraday Trading Levels
Target 1
Target 2
Target 3
Stop Loss
Buy Above
8403
8436
8461
8495
 8373
Sell Below
8366
8332
8320
8303
 8395
                                       


BANKNIFTY
Thursday banknifty formed bearish engulfing pattern on daily chart so it is bearish for the banknifty. If banknifty closed above 17660 then the pattern will fail. On the downside 17200 and 17000 is the support levels for the nifty.


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