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Nifty

* Nifty opened the week at 14477.80, made a high of 14491.10, low of 13596.75 and close the week at 13634.60. Thus, Nifty closed the week with a loss of 737 points on weekly basis.

* On the weekly chart, Nifty started the week on a positive note but witnessed selling at higher levels to end the week on weak note. The index has formed a long Bearish candle forming lower High-Low compare to previous week and has closed below its low indicating weakness at current levels. The overall range of the index would be 14000-13500 levels for coming week, either side breakout will lead the trend.

* On the daily chart, the index has formed a bearish candle forming lower High-Low compare to previous session indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 13590 level it would witness selling which would lead the index towards 13497 -13300 levels. However if index crosses above 14000 level it would witness buying which would take the index towards 14168-14280

Banknifty

* Banknifty opened the week at 31507.15 made a high of 31697.55, low of 29687.70 and closed the week at 30565.50. Thus, Banknifty close the week with a loss of 602 points on weekly basis.

* On the weekly chart, Banknifty started the week on a flat note but continued its previous week's negative momentum to end the week on a weak note. The index has formed a Bearish candle with a long lower shadow indicating buying at lower levels. Currently index is trading near upward sloping channel and might take support at that channel. The overall range for the banknifty for coming week would be 31300 to 29700 levels, either side breakout will lead the trend.

* On the daily chart, banknifty has formed a Bullish candle Morning Star candlestick formation which is a bullish reversal formation. For such formations confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty crosses and sustains above 31112 level it would witness buying which would lead the index towards 31700-32130 levels. However if index breaks below 30250 level it would witness selling which would take the index towards 29680-29000.

Support : 30381-30197-30000

Resistance : 30749-30933-31118

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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

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