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🌟 [ 29 ]   NIFTY & BANK NIFTY trade setup analysis: NIFTY50 bounces back | Key levels and trading strategies

( 5635 viewed : 307 like : 16 comments ) Interested in learning from experts about trading and investing? For just ₹999, get 3 months of unlimited access to webinars and courses through Upstox’s Uplearn. Click here: [ 🔗 Click ‼️ ] today's NIFTY and BANK NIFTY trade setup with our comprehensive analysis. After a flat start, NIFTY continued its uptrend, supported by IT stocks and buying in the private banking sector. We analyse the charts to understand the implications of recent patterns and open interest dynamics.

On the daily charts, NIFTY has nullified its shooting star pattern, indicating potential bullish momentum. With strong support seen in the 23,700 to 23,800 zone, a close above 24,150 could pave the way for a journey towards 24,500. Meanwhile, BANK NIFTY has shown positive momentum with a bullish candle formation, driven by heavyweight private banks.

According to our analysis, NIFTY remains sideways between 52,700 and 52,000, with 52,000 and 53,000 as crucial support and resistance levels respectively. Open interest data reveals a concentration around 24,000 and 24,500 for NIFTY, suggesting stability in current market sentiment.

We also highlight stocks showing significant movements: Mahanagar Gas, Persistent Systems, IEX, Oracle Financial Services Software, and REC observed long build-up, while short build-up was noted in NTPC, IDFC, and Ashok Leyland. Volume spikes were seen in PB Fintech, JSW Infrastructure, Patanjali Foods, Persistent Systems, and Deepak Nitrite within the NIFTY200 basket.

#NIFTY, #BANKNIFTY, #StockMarketAnalysis, #TechnicalAnalysis, #TradingStrategy, #MarketForecast, #InvestingTips, #StockPicks, #OpenInterest, #MarketInsights,

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[29D] NIFTY & BANK NIFTY trade setup analysis: NIFTY50 bounces back | Key levels and trading strategies [ World ]