Nifty Analysis

Nifty: One week ago the market has touched all the highs and from that point, the market was not in the favor of Bulls and continuously moving to the downside. The fear of the third wave of coronavirus is giving insecurities to the bulls. Friday Nifty has open a slight up at 15705.85 and gave a down rally toward the week’s lowest point at 15636.30 in the initial hours of the market open, but as 15600 worked as crucial support for the market and near to that point market went up and ends up at 15722.20 by hitting the days highest at 15737.40. Coming week if the market has sustained 15750 it can give a good upside rally toward 15830, but if it breaks the point of 15600 then bulls can consider the next support at 15450.
Support: S1 15650, S2 15450, S3: 15250
Resistance: R1 15850, R2 16000, R3 16150

Bank Nifty: Narrow gap up opening Bank nifty trended the whole day in the bullish side. 34637.35 was the lowest point hit on Friday and straight from there it has touched the day’s highest point at 34893.15, market has closed at 80+ points higher than the opening price. The next trading session market has to be up from 34700 to gain at least 35200. If the market is not able to sustain the upper from 34700 then easy to see the down rally toward 34500 and 34300.
India Vix: India is continuously going down and closes at 12.09 and hits the lowest point of 17 months.
Support: S1 34484, S2 33928, S3: 33288
Resistance: R1 34948, R2 35075 R3 35239

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