The Indian stock market witnessed a bearish sentiment towards the end of the trading week, with the Nifty breaking the 17022 level and sustaining below it. The index came down to the first target of 16950 and even made a low of 16920, indicating a bearish sentiment prevailing in the market.
However, the Bank Nifty did not touch the 39150 level, which means that multi-confirmation has not happened to be bearish on Monday. If the market opens flat or slightly bearish, then it can again test the 17020 level. But, if it opens above the 17020 level, then we can say that Nifty has made its low, and the first target will be 17120. If the market opens with a big gap up above 17120, then it will move towards 17300. Conversely, if the market opens with a big gap down below 16840, then it can test the 16650 level.Considering the bearish sentiment from the Nifty, there are a few things that traders should keep in mind. If the market goes up to 39730, it may reverse from there, leading to a good fall in the Bank Nifty till 39360. If that level is also breached, then we will see 38900 coming. If the market opens with a big gap down below 38900, then 37780 can be tested.On the other hand, if the market opens with a big gap up above 39740, then shorts will get trapped, and there will be a small hurdle at 40000 level. Above that, we can expect a huge rally towards the 40800. For the 40800 target, we should at least get Monday's closing above 40000.
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