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Nifty

* Nifty opened the week at 21727.75 made a high of 21834.35 lowof 21500.35andclose the week at 21710.80 Thus, Nifty closed the week with a loss of 20.60pointson weekly basis.

* On the weekly chart, Nifty opened on a flat note but witnessed extremevolatilitythroughout the week. However last session buying momentumpulledindextoclose in green. The index has formed a "Doji" candlestick formationindicatingindecisiveness among market participants regarding the direction. Theoverall trading range for index for coming week would be 22000 - 21300, eithersidebreakout will lead the trend.

* On the daily chart, The index opened with upward gap and traded withextremevolatility on either side to end on a flat. Moreover upper shadowindicatesprofitbooking at higher levels. The chart pattern suggests that, If Nifty crossesandsustains above 21800 level it would witness buying which would leadtheindextowards 21900 -22000 levels. However if index breaks below21650 level it wouldwitness selling which would take the index towards 21600 - 21500

Bank nifty

* Banknifty opened the week at 48203.45 made a high of 48450.00 lowof 47481.35and closed the week at 48159.00 Thus, Banknifty close the week withalossof133.25 points on weekly basis.

* On the weekly chart, Banknifty started the week with downward gapbut lowershadow indicates buying support at lower levels. The index has formedbearishcandlestick formation and remained extreme volatility throughout theweek. Theoverall trading range for Banknifty would be 48500 - 47400 either sidebreakoutwill lead the trend.

* On the daily chart, Banknifty opened with an upward gap andremainedconsolidate for most part of the week however profit booking along withsellingpressure on Friday led it to close in negative territory. The index has formedabearish candlestick formation. The chart pattern suggests that, If Bankniftycrossesand sustains above 48400 level it would witness buying which would leadtheindextowards 48500 - 48700 levels. However if index breaks below47800 level it wouldwitness selling which would take the index toward 47600 - 47400.

* Support : 47800 - 47600 - 47400

* Resistance : 48400 - 48500 - 48700

* Sensex opened the week at 72218.39 made a high of 72561.91 lowof 71303.97and close the week at 72026.15 Thus, Sensex close the week with a loss of 214.11points on weekly basis.

* On the weekly chart, Sensex has started the week on a flat note andwitnessedbuying at lower levels. However upper shadow indicates profit bookingat higherlevels. The index has formed bearish candlestick formation and remainedextremevolatility throughout the week. The overall trading range for index for comingweek would be 73000 - 71500 either side breakout will lead the trend.

* On the daily chart, The index has also opened an upward gapwitnessedconsolidation in initial hours. The index has formed a "Doji" candlestick formationindicating indecisiveness among market participants regarding the direction. Thechart pattern suggests that, if index crosses and sustains above 72200level itwould witness buying which would lead the index towards 72400 - 72600levels.However if index breaks below 71800 level it would witness selling whichwouldtake the index towards 71500 - 71200.

* Support : 71800 - 71500 - 71200

* Resistance : 72200 - 72400 - 72600

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