Nifty started the week on a flat note and buying momentum throughout the week led it close on a positive note. Nifty closed at 17833 with a gain of 294 points on a weekly basis.
On the weekly chart the index has formed a long bullish candle forming higher high-low compare to previous week and has closed above previous week's high indicating positive bias.
The chart pattern suggest that if Nifty crosses and sustains above 18000 level it would witness buying which would lead the index towards 18100-18400 levels.
However if index breaks below 17600 level it would witness selling which would take the index towards 17500-17300
For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias.
The daily and weekly strength indicator RSI is above its respective reference lines indicating positive bias.
On the weekly chart the index has formed a long bullish candle forming higher high-low compare to previous week and has closed above previous week's high indicating positive bias.
The chart pattern suggest that if Nifty crosses and sustains above 18000 level it would witness buying which would lead the index towards 18100-18400 levels.
However if index breaks below 17600 level it would witness selling which would take the index towards 17500-17300
For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias.
The daily and weekly strength indicator RSI is above its respective reference lines indicating positive bias.