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Nifty

* Nifty opened the week at made a open of 23195.40 high of 23391.65 lowtheweekat23047.25 and week close at 23203.20. Thus, Nifty closed the week withalossof 228.30points on weekly basis.

* On the weekly chart,On the weekly chart the index has formed a "Doji" candlestickformation indicating indecisiveness amongst market participants regardingthedirection.The overall trading range for index for coming week would be 23500.00 - 23000.00, eitherside breakout will lead the trend.

* On the daily chart, Nifty opened with a downwardgap but experiencedbuyingfromthelower level and close in neagtive . The chart pattern suggests that, If Niftycrossesandsustains above 23400 level it would witness buying which would lead theindextowards23600 -23800 levels. However if index breaks below 23000 level it wouldwitnesssellingwhich would take the index towards 22800 - 22600.

Bank nifty

* Banknifty opened the week at 48264.25 made a high of 49459.00 lowof 47898.35andclosed the week at 48540.60. Thus, Banknifty close the week with a loss of 193.55pointson weekly basis.

* On the weekly chart, the index has formed bullish candle with Upper shadowindicatingResistance at higher levels. The overall trading range for Banknifty wouldbe49500-47800 either side breakout will lead the trend.

* On the daily chart, Banknifty opened with a downwardgap and experiencedsellingfromthe opeing tick and close in negative. The chart pattern suggests that, If Bankniftycrossesand sustains above 49500 level it would witness buying which wouldleadtheindextowards 50000 - 50500 levels. However if index breaks below 47900 level it wouldwitnessselling which would take the index toward 47300 - 46500.

* Support : 47900 - 47300 - 46500

* Resistance : 49500 - 50000 - 50500

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