In the coming week, we have a very important event in context to the Indian Stock Market which is the RBI’s interest rate decision, this official interest rate is the benchmark repurchase rate. This event will provide further direction to the market.
In July, the Rupee fell to its all-time low against the Dollar, with currency stability in focus and to keep inflation in check, what will be RBI’s next move is something to look forward to. Market players are expecting a 50 bps hike again at 5.4%.
In the previous week, the Nifty moved higher to continue its journey towards the upside. If events turn out to be in its favor then it can reach its remarkable resistance zone of 17500–17700 too, which can turn out to be a major reversal zone.
We will discuss the technical levels on Nifty further in this report, but before that let’s take a look at the major quarterly results that were announced over the weekend:
Over the Weekend Results Summary:
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Ashok Leyland reported a profit of 96 Cr for Q1FY23 against a (-335 Cr) loss in the previous financial year’s corresponding quarter.
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Bank of Baroda reported a 79.3 % gain in the net profit of Rs 2168.13 in Q1FY23 against 1208.63 in Q1FY22
Important upcoming week’s Q1FY23 Corporate results are:
Sun Pharma, HDFC, DLF, Cipla, ITC and Adani Green Energy to name a few.
FII’s: Net Sellers for the week at (Rs – 145.87 Cr)
DII’s: Net Buyers for the week at (Rs 2238.51 Cr)
After the previous interest rate hike, the Nifty fell straight for 7 trading days to mark a low of 15183.40. Ever since, we have seen the Nifty reversing from the bottom, and blessing the market players with an unexpected upside move amid recession fears.
Now it is time to move to the technical part,
Weekly Technical View of Nifty and Bank Nifty
Nifty
As it can be seen from the above chart. The Nifty is advancing towards the upward end of its medium expanding triangle, which will be a make or break level.
The immediate support in Nifty is at 16980—16950 and the major support is at 16750—16700.
Nifty is likely to continue its journey towards the upward end of the triangle in the first few days of the week.
The immediate resistance is at 17380. If it breaks and closes above it then will see 17500—17700 level in the coming days.
Bank Nifty
On Friday, Bank Nifty closed at 37486, at a very important resistance zone. A forced break, gap up opening above it will take Bank Nifty further to 38050—38350 levels.
The immediate support in Bank Nifty is at 37030—37000 levels. If it manages to sustain below it then we can expect a steep fall till 36300–36000 in the coming week.
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