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Are bears losing grip as Nifty 50 snaps 8-week losing streak? Expert analyzes key levels
M
Moneycontrol•11-10-2026, 06:53
Are bears losing grip as Nifty 50 snaps 8-week losing streak? Expert analyzes key levels
- •The Nifty 50 snapped its eight-week losing streak with a modest gain of 0.44 percent, forming a Doji on the weekly chart and a Bullish Harami pattern on the daily chart near crucial support zones.
- •Sudeep Shah from SBI Securities notes that while these chart formations offer early signs of stabilization, confirmation through follow-up bullish momentum is needed for a sustained reversal.
- •The 22,200 to 22,250 zone acts as a crucial support area, whereas the index needs to break above the 22,750 to 22,800 resistance band to strengthen its recovery.
- •Bank Nifty outperformed frontline indices last week with a 1.45 percent gain, with the 55,900 to 56,000 zone acting as a crucial hurdle for potential further upside.
- •Top stock picks for the week include Radico Khaitan, recommended for accumulation in the Rs 4,520-4,560 zone, and Karur Vysya Bank, recommended in the Rs 336-342 range.
Key Questions Answered
The Nifty 50 faces a crucial support area at the 22,200–22,250 zone, while the 22,750–22,800 zone serves as a key resistance band that the index must overcome to strengthen its recovery and pave the way for further upside.
Sudeep Shah recommends accumulating Radico Khaitan in the Rs 4,520–4,560 zone with a stop-loss of Rs 4,380 and an upside target of Rs 4,880, and Karur Vysya Bank in the Rs 336–342 zone with a stop-loss of Rs 328 and a target of Rs 365.
Bank Nifty outperformed frontline indices last week with a 1.45 percent gain and formed a consolidation candle. Going forward, the 55,900–56,000 zone acts as a crucial hurdle, while the 54,400–54,300 zone provides essential support to keep the pullback bias intact.
