Bank Nifty started the week on a positive note and buying momentum throughout the week - Axis Securities
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Nifty
Nifty started the week with an upward gap and buying momentum for most part of the week led it to close on a strong note. On 12th May, Nifty closed at 18315 with a gain of 246 points on a weekly basis.
On the weekly chart the index has formed a Bullish candle forming higher High-low compared to previous week and has closed above previous week's high indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 18400 level it would witness buying which would lead the index towards 18600-18800 levels. However if the index breaks below 18200 level it would witness selling which would take the index towards 18000- 17900. On the daily chart, Nifty sustaining above its 20, 50, 100 and 200 day SMAs indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 18800-17900 with a mixed bias.
The weekly strength indicator RSI is above its respective reference lines indicating positive bias
The trend deciding level for the day is 18285. If NIFTY trades above this level then we may witness a further rally up to 18375-18430-18520 levels. However, if NIFTY trades below 18285 levels then we may see some profit booking initiating in the market, which may correct up to 18225-18135-18075 levels
Bank Nifty
Bank Nifty started the week on a positive note and buying momentum throughout the week led it close on a strong note. On 12th May, Bank Nifty closed at 43794 with a gain of 1132 points on a weekly basis.
On the weekly chart index has formed a bullish candle forming higher High-Low formation indicating positive bias. .The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above 44000 level it would witness buying which would lead the index towards 44200-44500 levels. However if index breaks below 43600 level it would witness selling which would take the index towards 43500-43300. Bank Nifty is trading above 20, 50, 100 and 200 day SMA which are important short term moving averages, indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy. For the week, we expect Bank Nifty to trade in the range of 44500-43300 with a mixed bias.
The weekly strength indicator RSI is above its respective reference lines indicating positive bias
The trend deciding level for the day is 43680 If BANKNIFTY trades above this level then we may witness a further rally up to 44015-44240-44575 levels. However, if BANKNIFTY trades below 43680 levels then we may see some profit booking initiating in the market, it may correct up to 43460-43125-42900 levels.
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