The benchmark index ended the week on flat note by forming a week candle. The overall market sentiment was range bound as the economic growth data and global sentiments disappointed the participants. Technically, as mentioned in above given price chart nifty index had formed inverted head and shoulder pattern where bulls managed to surpass the neck line resistance of 11600 level and if bull continue to show the strength we may see nifty index moving at lifetime high level in upcoming trading sessions. The support is placed near 11650 level.
In last week bank nifty resumed its recent uptrend for sixth consecutive session and formed a bull candle with gain of 0.84%. The bank index has managed to outperform the key benchmark index while technically, on larger time frame mainly monthly price chart the bank index has formed the bullish engulfing candle stick pattern and started its bull run the first line of defense for bulls is placed near 31780 level which is life time high as well act as price breakout, if bulls manage to surpass these levels we may see further escalation towards uncharted trajectory.
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