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This week, we observed the Impact of the Israel-Hamas conflict and the price of Brent Oil on the . The bulls attempted to breach the resistance level of 19850.00, but the bears had the upper hand. Nifty opened at 19,737.25, reached a high of 19,849.75, a low of 19,512.35 and closed at 19,542.65. It also forms a Bearish Harami pattern on the weekly chart. This suggests caution in the coming week with a support level of 19435.00 and resistance at 19650.
Brent Oil reached a high of $93.77, surpassing the first resistance level of 93.35 as mentioned last week. The volume decreased by 1.71% compared to the previous week, closing at 92.44. This decrease in volume indicates that Brent Oil may see profit bookings in the upcoming week. The daily chart of does not appear positive for an upside trend.
Regarding , it had a bearish last week, closing at 43723.05, losing 564.90 points. It broke its last two support levels of 43800 and might fall to 43200, with resistance at 44050. However, the daily chart of Nifty Bank seems positive, as all major indicators and oscillators are in a positive stance. The proximity to the previous day’s level suggests the downside is limited.
On Friday, Nifty lost 82.05 points, closing at 19542.65, below the previous day’s close. Interestingly, Nifty closed at 19542.65 nearly at the same level as it opened (19542.15) on that day. This suggests that more downside may not be seen in the coming week. The support levels are at 19440 and 19385, with resistance at 19600 and 19685 in the coming week.
Disclaimer: All views and analyses expressed here are for reference only. Specific trading involves a substantial risk for traders/investors must consider all risk factors of their personal finances before trading. Must consult your own investment adviser before making any trade.
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