|BANK NIFTY FUTURE||25475.00||25495.30||24444.00||24502.45|
Indian Market continues its correction in the week gone by as both Benchmark Indices Nifty and Bank Nifty future losses around 2.5% in the week. Both Nifty and Bank Nifty future respected its crucial support level of 10100 and 24700 throughout the week but by the end of Friday closing both indices closed below its crucial support level, which might turn the situation in the favor of bears.
Despite fall in international crude oil prices and marginal recovery in Indian Rupee against US dollar, we have seen correction in the market.
China Industrial Growth has been slow for fifth consecutive month as orders wane and rise in the cost of raw material and Global Economic Growth may slow down as US- China trade war may dent in the demand of crude oil. With continuously sell off by FII and FPI and expectation of rise in interest rates market may remain under pressure for next week.
FII AND DII ACTIVITY
Next week 9960-9935 will act as a strong support level for Nifty future and whereas 25250 for Bank Nifty future and if both indices breaks their crucial support level then we may see Nifty future may test 9790 levels and Bank Nifty future may test 23700 level.
On the Upside 10200-10250 will be strong resistance zone which may resist Nifty future to go upside and breakout of the above the above level may push Nifty future towards 10400 levels. Whereas 24900 will be the resistance zone for Bank Nifty future and breakout of the resistance level may push Bank Nifty future towards 25350 next week.
MARKET COMMENTARY FOR THE WEEK STARTING: 29th OCTOBER (MONDAY)
BUY SRIPIPES ABOVE 170 TARGET 180-185 WITH SL 161
SELL BAJAJ FINANCE FUTURE BELOW 2335 TARGET 2250-2200 WITH SL 2405