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NIFTY INFRA

Observation

* On looking at the broader picture we can spot that the prices are currently trading near record high levels which tells that the prices are already in strong momentum.

* On the weekly timeframe prices 3 weeks ago have shown a breakout from the bearish trendline which had acted as a strong variable resistance for the prices since October 2021.While in the latest week index gave a breakout from the Cup & handle pattern. This indicate towards the beginning of a trend to the upside.

* Index have sustained well above 24 Weeks EMA. The 24 Weeks EMA have acted as a strong Variable support for the prices.

* Prices have sustained above upper Bollinger band on Daily while price closing above Inside bar on weekly timeframe shows, Rising volatility for an upmove.

* RSI plotted on the Weekly timeframe has shown a Breakout as well which reflects the strong momentum built-up in the underlying uptrend.

Inference & Expectations

* Looking at the overall structure of the prices and the evidence supported by indicator we can infer that structure of NIFTY INFRA is placed well to continue its uptrend.

* We expect the prices to go Higher till the level of 5740 level.

* Our Bullish view will be negated if we see prices sustaining below the level of 5200.

NIFTY INFRA : 5352.80 weekly change (+1.71%)

NIFTY PSE

Observation

* On the weekly timeframe of NIFTY PSE, we can spot that prices have shown a bounce to the upside which was preceded by a shortfall to reach the support level of 3700 level. This shows the enthusiasm behind the prices to go higher.

* The index in the latest week have given a breakout from the Cup & Handle pattern, which indicates the beginning of trend to the upside.

* The prices have sustained well above its variable support of 24 weeks EMA.

* RSI plotted on the weekly timeframe have shown a range shift which reflects the rising momentum behind the prices.

Inference & Expectations

* Looking at the overall structure of prices and the evidence provided by indicator we can infer that the structure of the index is strong.

* We expect the existing trend to move Higher till the level of 4850.

* Our Bullish view will be negated if we see prices sustaining below the 4150 level.

NIFTY PSE : 4404.75 weekly change (+3.21%)

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