Bank Nifty commenced the week with a pessimistic stance and maintained substantial volatility on either side over the course of the week - Axis Securities
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Nifty
• The week commenced with a downward gap for Nifty, exhibiting pronounced volatility on both ends, reflective of a notable absence of underlying strength.
• The weekly chart displays a bearish candle characterized by extended shadows on both sides, indicating significant volatility in either direction
• The chart pattern suggests that if Nifty crosses and sustains above 19400 level it would witness buying which would lead the index towards 19500- 19600 levels. 18thAug, 202319600 levels.
• However if index breaks below 19200 level it would witness selling which would take the index towards 19000- 18900.
• For the week, we expect Nifty to trade in the range of 19600-18900 with mixed bias.
• Both the weekly Relative Strength Index (RSI) and the momentum oscillator Stochastic have transitioned into negative territory, residing below their respective reference lines, suggesting a persistent trend of profit booking
Bank Nifty
• Bank Nifty commenced the week with a pessimistic stance and maintained substantial volatility on either side over the course of the week. Bank Nifty closed at 43851 on 18th August with a loss of 348 points on a weekly basis.
• The weekly chart depicts the index forming a bearish candle with extended shadows on both sides, signifying pronounced volatility in either direction
• The chart pattern suggests that if Bank Nifty crosses and sustains above 44000 level it would witness buying 18thAug, 202344000 level it would witness buying which would lead the index towards 44200-44300 levels.
• However if index breaks below 43700 level it would witness selling which would take the index towards 43600- 43500
• For the week, we expect Bank Nifty to trade in the range of 44300-43500 with mixed bias..
• Both the weekly strength indicator RSI and the momentum oscillator Stochastic have transitioned into negative territory from the overbought zone, residing below their respective reference lines. This suggests a persistent trend of short-term profit booking.
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