Nifty

The key benchmark index bullish sentiment continued on Dalal Street with nifty 50 exceeding previous lifetime high and reaching to 12158 level. The overall market sentiment was positive as index gained 1.19% in previous week. Technically, on weekly price chart the index is unfolding in upward moving channel where resistance is placed near life time high of 12200 level if bulls manage to surpass mentioned level we may see further escalation towards 12700 level while support is placed near 11820 level

Bank Nifty

Bulls kept the bears away from bank nifty as index surpassed the previous life time high and gained of 2.68% in past week. The bank index has managed to outperform the key benchmark index while technically, on larger time frame mainly weekly price chart bank index in moving in upward moving channel where if bulls managed to surpass 32160 level we may see further escalation towards33000 level and support will be placed near 31500 level.

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