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Nifty

Nifty started the week on a positive note and buying momentum throughout the session led it close on a strong note. Nifty closed at 16221 with a gain of 469 points on a weekly basis. On the weekly chart the index has formed a long 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 tops and bottoms indicating short term bullish bias. The chart pattern suggests that if Nifty crosses and sustains above 16300 levels it would witness buying which would lead the index towards 16400-16600 levels. However if the index breaks below 16000 level it would witness profit booking which would take the index towards 15800-15600. Nifty is now well placed above its 20 and 50 Day SMA 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 16600-16000 with a positive bias. The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias. The trend deciding level for the day is 16220. If NIFTY trades above this level then we may witness a further rally up to 16280-16335-16395 levels. However, if NIFTY trades below 16220 levels then we may see some profit booking initiating in the market, which may correct up to 16160-16100-16045 levels.

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 35124 with a gain of 1585 points on a weekly basis. On the weekly chart the index has formed a sizable bullish candle and closed above previous week's high indicating positive bias. The index is moving in a Lower Top and Lower Bottom formation on the weekly chart indicating medium term down trend. The chart pattern suggests that if Bank Nifty crosses and sustains above 35300 level it would witness buying which would lead the index towards 35500-36000 levels. However if index breaks below 35000 level it would witness selling which would take the index towards 34500-34300. Bank Nifty is trading above the 20 and 50 day SMA which is an important short term moving average, indicating positive bias in the short 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 36000-34300 with a positive bias. The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias. The trend deciding level for the day is 35120 If BANKNIFTY trades above this level then we may witness a further rally up to 35265-35405-35550 levels. However, if BANKNIFTY trades below 35120 levels then we may see some profit booking initiating in the market, it may correct up to 34980-34835-34695 levels.

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