Nifty started the week on a positive note and traded with extreme volatility on either side for most part of the week, however buying momentum at lower levels pulled the index higher to close on a flat note. Nifty closed at 17784 with a gain of 114 points on a weekly basis.
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction.
The chart pattern suggests that if Nifty crosses and sustains above 17900 level it would witness buying which would lead the index towards 18100- 18400 levels.
However if the index breaks below 17600 level it would witness selling which would take the index towards 17400-17200.
For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias.
The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.
On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction.
The chart pattern suggests that if Nifty crosses and sustains above 17900 level it would witness buying which would lead the index towards 18100- 18400 levels.
However if the index breaks below 17600 level it would witness selling which would take the index towards 17400-17200.
For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias.
The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.