Last close: 16,945.05
Given that this is the last week of the financial year, the Nifty Index is likely to remain sideways and consolidate with a bullish bias.
Therefore, the best trading strategy for traders would be to buy on dips with a strict stop loss of 16,800 on a closing basis.
Intraday Resistance Level: 17,020 – 17,064 – 17,164
Nifty Bank
Last close: 39,395.35
The resistance level for the market is expected to be around 41,000. Therefore, the best trading strategy for traders would be to buy near the support level or hunt for opportunities to accumulate at dips, as post this month-end, the index is expected for a technical bounce.
In conclusion, traders can expect the Nifty Bank Index to remain range-bound in the near term, with a potential technical bounce in the short term.
The range of 40,150 to 38,600 would act as a trigger for the market to move in a particular direction. Traders can use the buy-on-dips strategy or accumulate near the support level to capitalise on the expected technical bounce.
However, it is important to note that market trends can change quickly, and traders should always be cautious and follow their risk management strategies.
No Trade Zone: 39,505 – 39,281
(Ravi Nathani is an independent technical analyst. Views expressed are personal).