Weekly Tech Picks: Nifty started the week on a flat and extended positive momentum in the initial half however - Axis Securities
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Nifty
• Nifty started the week on a flat and extended positive momentum in the initial half however profit booking at higher levels erased most of the gains to end on flat note. Nifty closed at 17758 with a gain of 60 points on a weekly basis
• On the weekly chart the index has formed a bearish candle with an upper shadow indicating selling at higher levels
• The chart pattern suggests that if Nifty 19 August,2022
• The chart pattern suggests that if Nifty crosses and sustains above 17800 levels it would witness buying which would lead the index towards 18000- 18300 levels
• However if the index breaks below 17700 level it would witness selling which would take the index towards 17500-17300
• For the week, we expect Nifty to trade in the range of 18300-17400 with mixed bias
• The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias however the negative crossover on the daily chart signals price correction
Banknifty Index
• Bank Index opened on a flat note and CMP: 38986 Support : 38000-37600 Resistance : 39800-40400traded with positive bias in the initial half however profit booking at higher levels dragged index lower to close on flat note. Bank Nifty closed at 38986 with a loss of 56 points on a weekly basis
• On the weekly chart the index has formed a Bearish candle with a long upper shadow indicating profit booking as well as resistance at higher levels
• The chart pattern suggests that if Bank Nifty crosses and sustains above 39300 19 August,2022Nifty crosses and sustains above 39300 level it would witness buying which would lead the index towards 39800- 40400 levels
• However if index breaks below 38700 level it would witness selling which would take the index towards 38000- 37600
• For the week, we expect Bank Nifty to trade in the range of 40400-37600 with mixed bias
• The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias however the negative crossover on the daily chart signals price correction
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