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Nifty

* Nifty opened the week at 15,926.20, made a high of 15927.45, lowof 15511.05and close the week at 15752.05. Thus, Nifty closed the week with a gainof 52.80points on weekly basis.

* On the weekly chart,Nifty opened with an upward gap but witnessedsellingfromthe opening tick to end negative and traded with extreme volatality throughoutthe week. The last week index has formed a Bullish candle which resambelsas"Bullish Harami" candlestick formation which is a bullish reversal formation. Forsuch formations confirmation is necessary but through out the week, confirmationcandle has closed higher than last week so there is a high possibilities tochangeofthe upcoming trend to the upside. The overall trading range for index for comingweek would be 16200 - 15500, either side breakout will lead the trend.

* On the daily chart, the index has formed a bullish candle which resembleashammer candlestick formation indicating strong buying demand at lower levels. IfNifty crosses and sustains above 15800 level it would witness buying whichwouldlead the index towards 15900-16200 levels. However if index breaks below15600level it would witness selling which would take the index towards 15500-15380.

Banknifty

* Banknifty opened the week at 34,126.20 made a high of 34,147.50lowof33,080.45 and closed the week at 33,539.45. Thus, Banknifty close the weekwithaloss of 88.00 points on weekly basis.

* On the weekly chart, Banknifty also opened with an upward gap but witnessedselling from the opening tick to end on a negative note. The index has formedabearish candle which indicates selling at current levels. The overall tradingrangefor Banknifty would be 33000 - 34200 either side breakout will lead thetrend.

* On the daily chart, Banknifty index has opened on a downward gap but witnessedbuying at lower levels to end the day on a strong note and remainedinpositiveterritory throughout the day. The chart pattern suggests that if Bankniftycrossesand sustains above 33700 level it would witness buying which would leadtheindextowards 34200 - 34500 levels. However if index breaks below33200 level it wouldwitness selling which would take the index towards33900 - 32600.

Support : 33200 - 33900 - 32600

Resistance : 33700 - 34200 -34500

Sensex

* Sensex opened the week at 53,468.89 made a high of 53509.50, lowof 52094.25and close the week at 52907.93. Thus, Sensex close the week with a gainof 179.95points on weekly basis.

* On the weekly chart, Sensex started the week on a upward note but witnessedselling at higher levels to end of the week on negative note. The index has formeda "Bullish Harami" candlestick formation which is a bullish reversal formation. Forsuch formations confirmation is necessary, but through out the week, confirmationcandle has closed higher than last week so there is a high possibilities tochangeofthe upcoming trend to the upside. The overall trading range for index for comingweek would be 54200 - 52100, either side breakout will lead the trend.

* On the daily chart, Sensex opened with a downward gap and witnessedbuyingatlower levels to end the day on a flat note. The chart pattern suggests that if indexcrosses and sustains above 52900 level it would witness buying whichwouldleadthe index towards 53500 - 54200 levels. However if index breaks below52500level it would witness selling which would take the index towards 52000 - 51700.

Support :52500 -52000 - 51700

Resistance :52900 - 53500 - 54200

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