Nifty started the week on a flat note and buying momentum for most part of the week led it close to the week's high - Axis Securities
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Nifty
• Nifty started the week on a flat note and buying momentum for most part of the week led it close to the week's high. Nifty closed at 16266 with a gain of 484 points on a weekly basis
• On the weekly chart index has formed a bullish candle and remained restricted within previous week's High-Low range indicating lack of strength on either side
• The chart pattern suggests that if Nifty 20 May,2022
• The chart pattern suggests that if Nifty crosses and sustains above 16400 levels it would witness buying which would lead the index towards 16600- 16800 levels
• However if the index breaks below 16000 level it would witness selling which would take the index towards 15800-15600. For the week, we expect Nifty to trade in the range of 16300- 15000 with a negative bias
• For the week, we expect Nifty to trade in the range of 16600-15800 with a mixed bias
• The weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias.
Bank Nifty
• Bank Nifty started the week on a flat note and buying momentum throughout the week led it close on a strong note. Bank Nifty closed at 34276 with a gain of 1155 points on a weekly basis
• On the weekly chart index has formed a bearish candle and has remained restricted within previous week's HighLow range which signals indecision at current levels
• The chart pattern suggests that if Bank Nifty crosses and sustains above 34800 level it would witness buying which level it would witness buying which would lead the index towards 35200- 36000 levels
• However if the index breaks below 33600 level it would witness selling which would take the index towards 33000-32500
• For the week, we expect Bank Nifty to trade in the range of 36000-33500 with mixed bias
• The weekly strength indicator RSI is in negative terrain and is below its respective reference line indicating negative bias.
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