Bank Nifty started the week on apositive note and traded with extreme volatility on either side for most part of the week, however buying momentum at lower levels pulled the index higher to close at 37752 with a gain of 604 points on a weekly basis.
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38100. Nifty crosses and sustains above 38100 level it would witness buying which would lead the index towards 38500- 39300 levels.
However if index breaks below 37300 level it would witness selling which would take the index towards 37000- 36500.
Bank Nifty is trading above 20, 50, and 100 day SMA's which indicates positive bias in the short to medium term.
For the week, we expect Bank Nifty to trade in the range of 39300-37300 with a positive bias.
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38100. Nifty crosses and sustains above 38100 level it would witness buying which would lead the index towards 38500- 39300 levels.
However if index breaks below 37300 level it would witness selling which would take the index towards 37000- 36500.
Bank Nifty is trading above 20, 50, and 100 day SMA's which indicates positive bias in the short to medium term.
For the week, we expect Bank Nifty to trade in the range of 39300-37300 with a positive bias.