Bank Nifty started the week with a downward gap and selling pressure throughout the week led the index to end on a positive note - Axis Securities
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Nifty
Nifty started the week on a flat note and traded with extreme volatility on either side throughout the week. Nifty closed at 17110 with a loss of 69 points on a weekly basis.
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above 17500 level it would witness buying which would lead the index towards 17800-18000 levels. However if index breaks below 17000 level it would witness selling which would take the index towards 16800-16500
For the week, we expect Nifty to trade in the range of 17500-16500 with mixed bias The daily and weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias.
Bank Nift
Bank Nifty started the week with a downward gap and selling pressure throughout the week led the index to end on a positive note. Bank Nifty closed at 36064 with a gain of 43 points on a weekly basis
On the weekly chart the index has formed a bullish candle forming lower High-Low as compared to previous week and has closed below the same indicating weakness. The chart pattern suggests that if Bank Nifty crosses and sustains above 36500 levels it would witness buying which would lead the index towards 37000-37500 levels. However if the index breaks below 35900 level it would witness selling which would take the index towards 35500- 35000
Bank Nifty is trading below 20, 50, 100 and 200 day SMA which are important short term moving averages, indicating negative bias in the short to medium term For the week, we expect Bank Nifty to trade in the range of 37000-35000 with a negative bias.
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