Nifty has closed positive on a weekly basis, but on Friday it has negated higher high and higher low formation thereby indicating some exhaustion. But the overall trend is intact and remains positive. As we glance through nifty 50 scrips, we observe 33 scrips are in bull's grip and 17 scrips are bearish. The 33 scrips are amounting to more than 75% of index weight.
Bank Nifty stole the limelight on Friday by closing 250 points over previous day, yet Nifty has not taken any benefit out of BN move and was trading below previous day close most of the time and rose by 13 points by the end of the day.
We expect Nifty also to outperform during next week. Immediate resistance is seen at 11945/11998. One can go long in futures keeping 11843 as Stop loss for these targets.
On Bank Nifty, already the bull run has started. 30650 should be the immediate target.
Range for next week - Nifty 11675-12050 Bank Nifty 29600-30750.
Good Luck!
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