In the new week, the market is adopting a wait and see policy.

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As mentioned in the title of last week’s article, profit booking from higher top was seen during the week, except banking, IT, small and midcap sectors, partial profit booking was seen in almost all sectors which is natural as the market remained Is. There has been a unilateral uptrend for the past 7 weeks. Second, the US economic situation is deteriorating, creating a situation where the debt ceiling will have to be increased, which the US President has claimed to resolve soon. The reversal pattern has strengthened in the bank and the Sensex which indicates that an upward movement may be seen again from here…

NIFTY 50 (CLOSE PRICE 18203) :- After last week’s swing of 398 points NIFTY closed down 111 points, reversed from there during the week touched high of 18458 which was an important resistance and reversed below 18060 which came back with the support of 18055. Again, in new week, Inside bar candlestick pattern has strengthened on support on daily chart, indicating a reversal, so be careful in bearish trading, 18050-18000 will be important support in new week, 17850 trending below it The decisive level will be, and above it will be 18255-18400 respectively. 18500-18600 levels are expected to be seen above this, which will act as an important hurdle.

Nifty Bank (Closing Price 43969):- Nifty Bank closed marginally higher by 175 points after last week’s volatility of 705 points, again recorded its highest weekly closing price and to touch its all-time high of 44151. returned back. top if desired. The pattern is called formation but on weekly chart there is no negative direction which is good and on daily chart nifty like nifty bank has formed an inside bar which indicates reversal even though nifty bank is at its all previous high Breaks the level and closes above it. It cannot be ruled out that if it fails then profit booking may come, so be careful in banking sectors, now this week 44200 an important hurdle and 43400- 43000 will be an important support.

Nifty AUTO (Closing Price 13863):- Auto sector witnessed expected profit-booking last week as almost all leaders said that profit-booking was natural after last week’s one sided rally of 5 to 8 per cent but as long as it is above 13500 no need to short. is taken care of. Shops accordingly. After profit booking, the overall chart has been formed after the rally in the market, but still if the situation is like this, do not create new positions in a hurry, strength can also be seen in the new week.