Bank Nifty started the week on a flat note and remained in a narrow range (38000-37200) throughout the week, indicating lack of strength on either side. Bank Nifty closed at 37463 with a loss of 289 points on a weekly basis
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness among st market participants regarding the direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38000 level it would witness buying which would lead the index towards 38500- 39200 levels.
However if the index breaks below 37100 level it would witness selling which would take the index towards 37000-36400
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 39200-36700 with mixed bias
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness among st market participants regarding the direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 38000 level it would witness buying which would lead the index towards 38500- 39200 levels.
However if the index breaks below 37100 level it would witness selling which would take the index towards 37000-36400
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 39200-36700 with mixed bias