Wkly Market Analysis Journal on Nifty BankNifty of Dec 11th 2023
Nifty had a fantastic week rallied almost 3.5% almost 700 points to touch 21000 levels. Best performance in recent past. Price Action on weekly charts shows good buying and Bullish candle with strong up move. I guess post Deepavali and Election results rally will continue till next year building on strength. Next level is 21500 which might come by end on Dec expiry.
BankNifty was the strongest this wk to rally 5% more than 2000 points to conquer 47000 levels comfortably. Price Action was strong and bullish Candle Patterns with major contributions from HDFC and ICICI Banks. Looks strong and headed higher from here.
With good buying from both FII and DII, markets looks strong and only caution is heading towards over bought levels at short-term and prices away from major moving averages. Coming wk might be positive consolidation looking Fed Meet in sight. Make be a push again towards highs near to year end.
US Markets also looks very strong and positive for a higher move.
BankNifty was the strongest this wk to rally 5% more than 2000 points to conquer 47000 levels comfortably. Price Action was strong and bullish Candle Patterns with major contributions from HDFC and ICICI Banks. Looks strong and headed higher from here.
With good buying from both FII and DII, markets looks strong and only caution is heading towards over bought levels at short-term and prices away from major moving averages. Coming wk might be positive consolidation looking Fed Meet in sight. Make be a push again towards highs near to year end.
US Markets also looks very strong and positive for a higher move.