Bank Nifty may hit a new high in coming week, initiate Bull Call Spread strategy
The Bank Nifty, which outperformed the Nifty for the second week running, is likely to inch towards 32,800-33,000.
Nilesh Jain
January 10, 2021 / 09:12 AM IST
The Indian market continued to rise for the 10th consecutive week without any meaningful correction. The bulls have been reigning and showing resilience, as every dip is getting bought into. The Nifty scaled yet another record high of 14,367.3 and formed a bullish candle on the weekly scale.
As long as the index trades above 14,100, we can expect the rally to continue towards 14,600 and 14,800. On the downside, the immediate support is at 14,100 followed by 14,000.