Bank Nifty started the week on a flat note however selling pressure throughout the week led the index to end on a weak note. Bank Nifty closed at 35619 with a loss of 1487 points on a weekly basis.
On the weekly chart the index has formed a Bearish candle and has also violated its previous week's low on a closing basis indicating further weakness
The chart pattern suggests that if Bank Nifty crosses and sustains above 36500 level it would witness buying which level it would witness buying which would lead the index towards 36800-37300 levels.
However if the index breaks below 35500 level it would witness selling which would take the index towards 34800-34500.
Bank Nifty is now sustaining be lo wits 100 and 200 day SMA indicating negative bias in the short term.
For the week, we expect Bank Nifty to trade in the range of 36800-34500 with negative 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 Bearish candle and has also violated its previous week's low on a closing basis indicating further weakness
The chart pattern suggests that if Bank Nifty crosses and sustains above 36500 level it would witness buying which level it would witness buying which would lead the index towards 36800-37300 levels.
However if the index breaks below 35500 level it would witness selling which would take the index towards 34800-34500.
Bank Nifty is now sustaining be lo wits 100 and 200 day SMA indicating negative bias in the short term.
For the week, we expect Bank Nifty to trade in the range of 36800-34500 with negative bias.
The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias