Bank Nifty started the week on a positive note and remained positive in the initial period however profit booking at higher levels erased most of the earlier losses to end on a flat note. Bank Nifty closed at 38370 with a gain of 631 points on a weekly basis.
On the weekly chart the index has formed a small Bullish candle with a long upper shadow indicating profit booking at higher levels.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38900 levels it would witness buying which levels it would witness buying which would lead the index towards 39300-
39700 levels.
However if index breaks below 37900 level it would witness selling which would take the index towards 37400-
37000 levels.
For the week, we expect Bank Nifty to trade in the range of 39600-37600 with a positive bias.
The daily and weekly strength indicator RSI is in bullish mode and sustaining above 50 mark which supports bullish sentiments ahead
On the weekly chart the index has formed a small Bullish candle with a long upper shadow indicating profit booking at higher levels.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38900 levels it would witness buying which levels it would witness buying which would lead the index towards 39300-
39700 levels.
However if index breaks below 37900 level it would witness selling which would take the index towards 37400-
37000 levels.
For the week, we expect Bank Nifty to trade in the range of 39600-37600 with a positive bias.
The daily and weekly strength indicator RSI is in bullish mode and sustaining above 50 mark which supports bullish sentiments ahead