Ventura today shared its weekly outlook on Nifty and Bank Nifty, indicating continued positive sentiment in the market. According to Bharat K Gala, President & Technical Head, Ventura, traders should continue to view any corrective dips as buying opportunities, as both indices maintain strong upward momentum.
During the past week, Nifty touched a low of 25,503.50 before rebounding to a high of 26,010.70. The corrective levels below 25,740 stand at (25,687–25,429)–25,220–(25, 012–24,735). According to Gala, “If the trend remains strong, Nifty is unlikely to breach the 25,687–25,429 zone. Any break below this level should invite buying interest around 25,220 and 25,012–24,735.”
On the upside, a move above 26,105 opens targets at 26,151, followed by a retest of the September 2024 high at 26,277. The pattern also suggests potential for Nifty to advance towards the 26,500–26,700 range. The 200-SMA currently stands at 24,440.
Similarly, Bank Nifty recorded a low of 57,846.20 last week before rebounding to a high of 58,615.95. Corrective support levels lie at (57,440–56,710)–56,123–(55, 535–54,698). “A strong trend should keep Bank Nifty above the 57,440–56,710 band. If breached, traders should look for buying opportunities around 56,123 and 55,535–54,698,” Gala added.