Nifty start the week on a flat note but continued its previous week's negative momentum to end the week on a weak note. Nifty closed at 17100 with a loss of 313 points on a weekly basis.
On the weekly chart the index has formed a bearish candle with lower shadow indicating support at lower levels.
The chart pattern suggests that if Nifty crosses and sustains above 17200 level it would witness buying which would lead the index towards 17350-17500 levels.
However if index breaks below 17000 level it would witness selling which would take the index towards 16850-16700.
For the week, we expect Nifty to trade in the range of 17500-16700 with a negative bias.
The weekly strength indicator RSI is moving downward and quoting below its reference line indicating negative bias.
On the weekly chart the index has formed a bearish candle with lower shadow indicating support at lower levels.
The chart pattern suggests that if Nifty crosses and sustains above 17200 level it would witness buying which would lead the index towards 17350-17500 levels.
However if index breaks below 17000 level it would witness selling which would take the index towards 16850-16700.
For the week, we expect Nifty to trade in the range of 17500-16700 with a negative bias.
The weekly strength indicator RSI is moving downward and quoting below its reference line indicating negative bias.