IGI Logo

* Nifty opened the week at 21434.80 made a high of 21593.00 lowof 20976.80andclose the week at 21349.40 Thus, Nifty closed the week with a loss of 107.25points on weekly basis.

* On the weekly chart, Nifty opened on a negative note but witnessedextremevolatility throughout the week. However lower shadow indicates buying supportatlower levels. The index has formed bearish candle stick formation. Theoverall trading range for index for coming week would be 21700 - 21100, eithersidebreakout will lead the trend.

* On the daily chart, The index opened with an upward gap. However witnessedbuying from the opening tick to end near the day's high. Moreover upper shadowindicates profit booking at higher levels. The chart pattern suggests that, If Niftycrosses and sustains above 21400 level it would witness buying whichwouldleadthe index towards 21500 -21600 levels. However if index breaks below21200level it would witness selling which would take the index towards 20100 - 21000.

* Banknifty opened the week at 48068.50 made a high of 48166.15 lowof 46919.70and closed the week at 47491.85 Thus, Banknifty close the week withalossof651.70 points on weekly basis.

* On the weekly chart, Banknifty started the week with a 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 48200 - 46900 either sidebreakoutwill lead the trend.

* On the daily chart, Banknifty opened on a flat note and remained consolidateformost part of the week however profit booking along with selling pressureonFridayled it to close in negative territory. The index has formed a bearishcandlestickformation. The chart pattern suggests that, If Banknifty crosses and sustainsabove48000 level it would witness buying which would lead the index towards 48300-48500 levels. However if index breaks below 47400 level it would witnesssellingwhich would take the index toward 47200 - 46900.

* Support : 47400 - 47200 - 46900

* Resistance : 48000 - 48300 - 48500

* Sensex opened the week at 71437.35 made a high of 71913.07 lowof 69920.39and close the week at 71106.96 Thus, Sensex close the week with a loss of 376.79points on weekly basis.

* On the weekly chart, Sensex has started the week on a flat note andwitnessedbuying at lower levels as well as 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 70300 - 72400 either side breakout will lead the trend.

* On the daily chart, The index has also opened with an upward gap andwitnessedconsolidation in initial hours. However buying momentumin secondhalf pulledindex higher to close near the day's high. The Index has formedabullishcandlestick formation. The chart pattern suggests that, if index crossesandsustains above 71300 level it would witness buying which would leadtheindextowards 71600 - 71900 levels. However if index breaks below70700 level it wouldwitness selling which would take the index towards 70300 - 70000.

* Support : 70700 - 70300 - 70000

* Resistance : 71300 - 71600 - 71900

Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785