Nifty and Bank Nifty Prediction for the week 06 May'24 to 10 May'24 by BL GURU
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Nifty and #NiftyBank index have come down sharply on Friday giving back most of the gains. #Nifty is looking slightly unclear and can go either way from here. #NiftyBank index on the other hand can see more fall this week. The #DowJones is looking relatively more positive and can outperform the Indian markets. #Nifty can fall to 20,000-21,900 if it fails to bounce back immediately. Broadly, 21,900 to 23,000 can be the possible trading range. A breakout on either side of this range will decide the next move for #nifty50. A break above 23,000 can take the #Nifty up 23,400 and 23,500. On the other hand, a break below 21,900 will be bearish. Such a break can drag the #nifty50 down to 21,500 and even 21,000 #NiftyBank index has strong resistance in the 49,500-49,600 region. It can fall to 47,500-47,000. The chances of the fall extending even up to 46,500 cannot be ruled out. #DowJones is getting strong support around 37,800. It is looking bullish for a rise to 39,200 and 39,500 this week. The outlook will turn negative only if it declines below 38,200. BL Portfolio: https://www.thehindubusinessline.com/portfolio/ Write to the following email ids for any queries on 1) Futures & Options (F&O) : derivatives@thehindu.co.in 2) Technical outlook on the specific stocks: techtrail@thehindu.co.in 3) Mutual Funds: mf@thehindu.co.in 4) Investments, Personal finance: blportfolio@thehindu.co.in SOCIAL MEDIA HANDLES Facebook - Blportfolio https://www.facebook.com/profile.php?id=100086211032670 LinkedIn - BL Portfolio https://www.linkedin.com/in/bl-portfolio-314bb2220 Twitter - @BlPortfolio https://twitter.com/BlPortfolio?t=B3zkMfwKIMuoHWBWJfoZ3w&s=09