Bank nifty started the week on a positive note and traded with extreme volatility on either side throughout the week. Bank nifty closed at 42137 with a gain of 879 points on weekly basis.
On the weekly chart the index has formed a small bullish candle forming a higher high low compared to previous week and has closed above previous weeks high indicating positive bias.
The chart pattern suggests that if bank nifty crosses and sustains above 42350 levels it would witness buying which would lead the index towards 42500-42800 levels.
However if index breaks below 42000 level it would witness selling which would take the index towards 41750-42800 levels.
For the week, we expect bank nifty to trade in the range of 42800-41500 with positive bias.
The weekly strengthen indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias
On the weekly chart the index has formed a small bullish candle forming a higher high low compared to previous week and has closed above previous weeks high indicating positive bias.
The chart pattern suggests that if bank nifty crosses and sustains above 42350 levels it would witness buying which would lead the index towards 42500-42800 levels.
However if index breaks below 42000 level it would witness selling which would take the index towards 41750-42800 levels.
For the week, we expect bank nifty to trade in the range of 42800-41500 with positive bias.
The weekly strengthen indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias