Market Outlook Of 17 February 2020 - KIFS Trade Capital
In the tug of war between bulls and bears bulls managed to win in previous week by closing with 0.12%. The index reflected positively on the hopes that worst of corona virus epidemic in china have passed away but mixed results and negative economic data kept market in pressure. Technically on weekly price chart the key benchmark will be trading in a range bound movement of 12300 to 11900 levels where breakout on either side will decide the further trend.
Bank nifty showed a weak performance and underperformed the key benchmark index where it lost 1.18% and closed below 31000 levels. Technically, on higher time frame mainly on weekly price chart the price action is continuing with higher top higher bottom formation, in upcoming trading sessions we may see bank index moving with support of 30500 and resistance of 31700 level.