Bank Nifty Analysis

tusharvispute1 Updated   
Bank Nifty started the week with a downward gap and extended earlier week's selling momentum however short covering along with buying support at lower levels. recovered some of the earlier losses. Bank Nifty Closed at 39598 with a loss of 887 points on a weekly basis.
On the weekly chart the index has formed a bearish candle forming lower high-low compared to previous week and has closed below it low indicating weakness at current levels.
The chart pattern suggests that if Bank Nifty crosses and sustains above 39800 level it would witness buying which would lead the index towards 4000-40200 levels.
However if index breaks below 39400 level it would witness selling which would take the index towards 39200-39000.
For the week, we expect Bank Nifty to trade in the range of 40200-39000 with a negative bias.
The weekly strength indicator RSI is in negative terrain and are below their respective reference lines indicating negative bias.
hit all resistance


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