Bank Nifty started the week on flat note and remained in a narrow range throughout the week, indicating lack of strength on either side. Bank Nifty closed at 42437 with a gain of 300 points on a 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 42600 level it would witness buying which would lead the index towards 42800-43000 levels.
However it index breaks below 42200 level it would witness selling which would take the index towards 4200-41700.
For the week, we expect bank nifty to trade in the range of 4300-41700 with mixed bias.
The daily and weekly strength indicator RSI is moving upwards and is quoiting above its reference line 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 42600 level it would witness buying which would lead the index towards 42800-43000 levels.
However it index breaks below 42200 level it would witness selling which would take the index towards 4200-41700.
For the week, we expect bank nifty to trade in the range of 4300-41700 with mixed bias.
The daily and weekly strength indicator RSI is moving upwards and is quoiting above its reference line indicating positive bias.