Bank Nifty started the week on a positive note and traded with extreme volatility on either side throughout the week. Bank Nifty closed at 37689 with a gain of 116 points on a weekly basis.
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness among market participants regarding the
direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38000 level it would witness buying which would lead the index towards 38600- would lead the index towards 38600- 39200 levels.
However if index breaks below 37000 level it would witness selling which would take the index towards 36300- 36000.
For the week, we expect Bank Nifty to trade in the range of 39300-37000 with a positive bias.
The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness among market participants regarding the
direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38000 level it would witness buying which would lead the index towards 38600- would lead the index towards 38600- 39200 levels.
However if index breaks below 37000 level it would witness selling which would take the index towards 36300- 36000.
For the week, we expect Bank Nifty to trade in the range of 39300-37000 with a positive bias.
The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias