• Bank Nifty started the week on a flat CMP: 34484 Support : 34000-33000 Resistance : 35000-35500 note however selling pressure throughout the week led index to end on a weak note. Bank Nifty closed at 34484 with a loss of 1130 points on a weekly basis
• On the weekly chart the index has formed a sizable bearish candle and closed below previous week's low indicating weakness on short term basis
• The chart pattern suggests that if Bank Nifty crosses and sustains above 35000 10 June,2022Nifty crosses and sustains above 35000 level it would witness buying which would lead the index towards 35500- 36000 levels
• However if index breaks below 34200 level it would witness selling which would take the index towards 33800- 33200
• For the week, we expect Bank Nifty to trade in the range of 35000-33200 with a negative bias
• The daily and weekly strength indicator RSI is in negative terrain and below its respective reference lines indicating negative bias
• On the weekly chart the index has formed a sizable bearish candle and closed below previous week's low indicating weakness on short term basis
• The chart pattern suggests that if Bank Nifty crosses and sustains above 35000 10 June,2022Nifty crosses and sustains above 35000 level it would witness buying which would lead the index towards 35500- 36000 levels
• However if index breaks below 34200 level it would witness selling which would take the index towards 33800- 33200
• For the week, we expect Bank Nifty to trade in the range of 35000-33200 with a negative bias
• The daily and weekly strength indicator RSI is in negative terrain and below its respective reference lines indicating negative bias