Nifty started the week on positive note and traded with extreme volatility on either side for most part of the week, however buying momentum at lower levels pulled index higher to close on positive note. Nifty closed at 18350 with a gain of 233 points on a weekly basis.
On the weekly chart the index has formed a bullish candle with a lower shadow indicating buying near 18000 levels
The chart pattern suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18900 levels
However if the index breaks below 18200 level it would witness selling which would take the index towards 18000-17700
For the week, we expect nifty to trade in the range of 18900-17700 with positive bias.
The weekly strength indicator RSI is above its respective reference lines indicating positive bias.
On the weekly chart the index has formed a bullish candle with a lower shadow indicating buying near 18000 levels
The chart pattern suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18900 levels
However if the index breaks below 18200 level it would witness selling which would take the index towards 18000-17700
For the week, we expect nifty to trade in the range of 18900-17700 with positive bias.
The weekly strength indicator RSI is above its respective reference lines indicating positive bias.