Weekly Market Analysis Journal on Nifty BankNifty for Dec 4th wk
Nifty move more than 450 points almost 2.5% in the positive direction for the week forming bullish Marubozu candle. November month saw a sizeable movement in upside closing at all time highs. Price action was strong and clear breakout with good uptrend. Looks ;ike it will hit the Top of the channel if strength continues.
BankNifty also followed Nifty moving around 1000 points to form a bullish Marubozu candle. Bank Nifty need to cross all time high yet.
Good GDP data, overall positive world markets and continuous FII flow made markets to close at all time highs. Looks markets will take a breather here and move decisively after election results and RBI MPC meet this week.
I will have a wait and watch approach with no positions to start the week and depending upon the price action will adapt accordingly.
BankNifty also followed Nifty moving around 1000 points to form a bullish Marubozu candle. Bank Nifty need to cross all time high yet.
Good GDP data, overall positive world markets and continuous FII flow made markets to close at all time highs. Looks markets will take a breather here and move decisively after election results and RBI MPC meet this week.
I will have a wait and watch approach with no positions to start the week and depending upon the price action will adapt accordingly.