Indian Stock Market Last Week analysis (22-26N)

Technical Analysis

Indian stock market falls down more than expected breaking all the support levels for previous high levels. Sensex, Nifty50, Niftybank, Nifty mid cap 100 falls by major points on last two days of week.

Sensex : 57107.15

Sensex closed at 57,107.15 level by losing the highest points in this week. Sensex down by 2528.86 and (-4.24%). It broke all the support levels stated in previous analysis reports and came down.

Previous support was at 59,200 and 59000 levels. it was sustained above 58,000 levels and was struggling Between 58000-59000 level but failed to sustain and falls at last day of week.

There is 60,000 level remain the resistance for oct and nov month. This down side movement is majar as compare to up side movement from 59000 level.

Nifty50 : 17026.45

Nifty closed at 17026.45 levels at Friday. nifty has lost 738.35 points or -4.15% in the week. Nifty sustained above the 17000 levels but has broken the supports 17,700 and 17500.

it needed to be Stable here for while between 17000 and 17700 levels but it is falling. If it will sustain here then it will go above 17200 levels in next weeks other wise it will hit the downside levels of 16,800 or 16700.

NiftyBank : 36,025.50

Closed at 36025.50 level by losing 1950.75 points or (-5.13%) in the week. It has successfully sustained above 38,600 but failed and falls below that In this week as said in the last last week report of(15-18N).

Nifty bank was trying to stable between 36800- 38000 level but couldn't . We can expect some more falls in banknifty in comming weeks. For gaining it needs to stable here between 36000- 36700 other wise it will go down below that.

To see gain in niftybank further it needs to stable above the 37400 levels and then we can see incline graph in weeks but still wait is good option.