As suggested in our last week’s “Weekly Wrap Up” Nifty bounced backed on the last trading day of the week after slipping below the 8,000 mark during the first half of the week and finally helped index to settle on flat note.
We would like to reiterate that the bounceback is likely to take Nifty to 8250-8300. This bounce back is not likely to sustain at the higher levels and Nifty might witness selling pressure at the higher level.
Traders should be very careful in bottom fishing as the bounceback is likely to be temporary and probably exhaust around 8300 levels.
On the downside, the support level of Nifty is around 8000- 7970. If the support level is breached then the next key support level is around 7600-7500 levels, which is expected to be reached in the next couple of months.
BSE Sectoral Indices Performance
|This Week||Previous Week||% Change|
|OIL & GAS||11,752.5||11,754.7||0.0
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