Bank Nifty started the week on a positive note but witnessed selling at higher levels to end the week on weak note. Bank Nifty closed at 35410 with a loss of 1018 points on a weekly basis.
On the weekly chart the index has formed a Bearish candle with a long upper shadow indicating selling at higher levels.
The chart pattern suggests that if Bank Nifty crosses and sustains above 36000 level it would witness buying which would lead the index towards 36500- 37000 levels. However if index breaks below 35000 level it would witness selling which would take the index towards 34500- 34000.
Bank Nifty is trading below 50, 100 and 200 day SMA indicating negative bias in the short to medium term.
For the week, we expect Bank Nifty to trade in the range of 37500-35000 with mixed bias.
The daily and weekly strength indicator RSI both are in negative terrain and are below their respective reference lines indicating negative bias.
On the weekly chart the index has formed a Bearish candle with a long upper shadow indicating selling at higher levels.
The chart pattern suggests that if Bank Nifty crosses and sustains above 36000 level it would witness buying which would lead the index towards 36500- 37000 levels. However if index breaks below 35000 level it would witness selling which would take the index towards 34500- 34000.
Bank Nifty is trading below 50, 100 and 200 day SMA indicating negative bias in the short to medium term.
For the week, we expect Bank Nifty to trade in the range of 37500-35000 with mixed bias.
The daily and weekly strength indicator RSI both are in negative terrain and are below their respective reference lines indicating negative bias.