Bank Nifty started the week on a flat note but continued its previous week's positive momentum to end the week on a strong note. Bank Nifty closed at 40416 with a gain of 995 points on a weekly basis.
On the weekly chart the index has formed sizable bullish candle forming higher high-low compare to previous week indicating positive bias.
The chart pattern suggests that if Bank Nifty crosses and sustains above 40700 level it would witness buying which would lead the index towards 41200-42000 levels.
However if index breaks below 40000 level it would witness selling which would take the index towards 39500-39000.
For the week, we expect Bank Nifty to trade in the range of 42000-39500 with a positive bias.
The daily and weekly strength indicator RSI is moving upwards ans is quoting above its reference line indicating positive bias.
On the weekly chart the index has formed sizable bullish candle forming higher high-low compare to previous week indicating positive bias.
The chart pattern suggests that if Bank Nifty crosses and sustains above 40700 level it would witness buying which would lead the index towards 41200-42000 levels.
However if index breaks below 40000 level it would witness selling which would take the index towards 39500-39000.
For the week, we expect Bank Nifty to trade in the range of 42000-39500 with a positive bias.
The daily and weekly strength indicator RSI is moving upwards ans is quoting above its reference line indicating positive bias.