Nifty and BankNifty Prediction for Monday, 26 Jun 2023 | Weekly Market Analysis | Rishi Money

Introduction

In this article, we will analyze the upcoming week’s market trends and discuss the major movers and shakers in the Nifty Bank Nifty. We will also provide insights into the key support and resistance levels to watch for in the weekly session. Additionally, we will explore the hair’s analysis and discuss the record-breaking performances of certain stocks. Let’s dive into the analysis and see what the week has in store for us.

Market Analysis

The market is currently in a range-bound phase, with both Nifty and Bank Nifty showing consolidation. While we often talk about the possibility of a range breakout or a break down, it is important to note that the market has spent a significant amount of time within a 2000-point range. In the past, during similar periods, the range was between 43,000 and 45,000. However, this time, the range has extended to 46,000. It is crucial to keep this range in mind while making trading decisions for the week.

Key Levels to Watch

The key support level for Nifty Bank Nifty is around 43,400, while the resistance level is at 44,000. These levels have been significant in the past and should be closely monitored. If the closing price falls below these levels, it indicates a significant deviation from the previous trend, and the market may slide further towards 42,015. On the other hand, if the market crosses the 44,000 mark, it could signal a breakout and provide an opportunity for upside potential.

Stock Analysis

Let’s take a look at some major stocks and their performance. HDFC Bank has shown a breakout pattern, indicating a potential momentum towards higher levels. It is crucial to keep an eye on the 1,660 level, as crossing it could lead to further momentum and bullishness in the Bank Nifty. Another stock to watch is ICICI Bank, which has formed a support area around 1,590 to 1,600. As long as this level holds, the stock may continue to provide support to the Bank Nifty and prevent it from falling.

Market Sentiment

The market sentiment is currently bearish, as indicated by the India VIX. It is important to note that the market is trying to convert into a bear market, and the sentiment may continue to be negative until the Nifty crosses the 44,000 mark. However, if the market remains within the weekly range, it is possible to see a breakout in the future.

FAQs

Q: What are the key levels to watch for Nifty Bank Nifty?

A: The key support level for Nifty Bank Nifty is around 43,400, while the resistance level is at 44,000.

Q: Which stocks are showing potential breakouts?

A: HDFC Bank and ICICI Bank are showing potential breakouts and should be closely monitored.

Q: What is the market sentiment?

A: The market sentiment is currently bearish, with the India VIX indicating a negative sentiment.

Q: What is the range for Nifty Bank Nifty?

A: The range for Nifty Bank Nifty is between 43,000 and 46,000, with the market currently consolidating within this range.

Q: How is the performance of Reliance Industries?

A: Reliance Industries has shown a breakout and is currently consolidating around the 2,520 level. Crossing this level could lead to further upside potential.

Conclusion

In conclusion, the upcoming week’s market analysis suggests a range-bound phase for Nifty Bank Nifty. It is crucial to monitor the key support and resistance levels and keep an eye on the performance of major stocks like HDFC Bank, ICICI Bank, and Reliance Industries. The market sentiment is currently bearish, and it is important to consider the range and potential breakouts while making trading decisions. Stay updated with the latest market trends and make informed decisions for a successful trading week.