Weekly Technical Market Outlook By Jainam Share Consultants
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Nifty
* Nifty opened the week at 19844.65 made a high of 20291.55 lowof 19800.00andclose the week at 20267.90 Thus, Nifty closed the week with a gainof 473.20points on weekly basis.
* On the weekly chart, Nifty opened with an upward gap and remainedinpositiveterritory throughout the week. However lower shadow indicates buying supportatlower levels. The index has formed bullish candle stick formation. Theoverall trading range for index for coming week would be 19900 - 20500, 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 20300 level it would witness buying whichwouldleadthe index towards 20400 -20500 levels. However if index breaks below20200level it would witness selling which would take the index towards 20100 - 19900.
Banknifty
* Banknifty opened the week at 43851.55 made a high of 44951.10 lowof 43739.80and closed the week at 44814.20 Thus, Banknifty close the week withagainof1045.10 points on weekly basis.
.* On the weekly chart, Banknifty started the week with an upward gap. Howeverbuying momentum at lower levels to end in the green. The index has formedbullish candlestick formation and remained extreme volatility throughout theweek.The overall trading range for Banknifty would be 45000 - 43700 either sidebreakout will lead the trend.
* On the daily chart, Banknifty opened with an upward gap and witnessedextremevolatility throughout the day. The index has formed a bullish candlestick formation.However upper shadow indicates profit booking at higher levels. The chart patternsuggests that, If Banknifty crosses and sustains above 45000 level it wouldwitnessbuying which would lead the index towards 45200 - 45600 levels. However if indexbreaks below 44500 level it would witness selling which would taketheindextoward 44300 - 44000.
* Support : 44500 - 44300 - 44000
* Resistance : 45000 - 45200 - 45600
Sensex
* Sensex opened the week at 66063.72 made a high of 67564.33 lowof 65906.65and close the week at 67481.19 Thus, Sensex close the week with a gainof 1511.15points on weekly basis.
* On the weekly chart, Sensex has started the week with an upwardgapandwitnessed buying at lower levels to end the week on a strong note as well asuppershadow indicates profit booking at higher levels. The index has formedbullishcandlestick formation and remained extreme volatility throughout theweek. Theoverall trading range for index for coming week would be 66700 - 68000eitherside breakout will lead the trend.
* On the daily chart, The index has also opened with an upward gap. TheIndexhasformed a bearish candlestick formation. However upper shadowindicatessellingpressure at higher levels. The chart pattern suggests that, if index crossesandsustains above 67600 level it would witness buying which would leadtheindextowards 67800 - 68000 levels. However if index breaks below67200 level it wouldwitness selling which would take the index towards 66900 - 66600.
* Support : 67200 - 66900 - 66600
* Resistance : 67600 - 67800 - 68000
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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
