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The Algo Wolf Outlook
At Algo Wolf, we use cutting-edge technology to trade on a day-to-day basis. We use Machine learning techniques to build our trading strategies. Our view is shared on the blog below:
Outlook published on: 12th May 2024
Outlook for Trading Week: 13th May 2024
The Sectoral View
Below is the View on Individual Sector for the week
THE BANK NIFTY VIEW
Bank Nifty is in consistent has breached some important support levels this week and seems to have entered a downtrend
As seen in picture below, the Bank Nifty PCR is currently placed at 0.69, which points out to the fact that it is slightly oversold
Strategy would be to go Short on any intraday bounce
Most of the Bank Nifty components are in neutral to downtrend
Pvt Sector banks are weaker than Public Sector Banks
Key Support and Resistence Levels for Bank Nifty
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