NIFTY BANK
Bank Nifty started the week on a positive note and traded with extreme volatility on either side throughout the week. Bank Nifty closed at 41258 with a gain of 268 points on weekly basis.
On the weekly chart the index has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 41500 level it would witness buying which would lead the index towards 41700 - 42000 levels.
However if the index breaks below 41000 level it would witness selling which would take the index towards 40800 - 40500.
For the week, we expect Bank Nifty to trade in the range of 42000 - 40500 with mixed bias.
The weekly strength indicator RSI and momentum oscillator stochastic have both turned positive and are above their respective reference lines indicating positive bias.
On the weekly chart the index has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 41500 level it would witness buying which would lead the index towards 41700 - 42000 levels.
However if the index breaks below 41000 level it would witness selling which would take the index towards 40800 - 40500.
For the week, we expect Bank Nifty to trade in the range of 42000 - 40500 with mixed bias.
The weekly strength indicator RSI and momentum oscillator stochastic have both turned positive and are above their respective reference lines indicating positive bias.
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