Bank Nifty started the week on a negative note but witnessed buying at lower levels recovered most of the earlier losses which led it close on a flat note. Bank Nifty closed at 34546 with a gain of 138 points on a weekly basis On the weekly chart the index has formed a bullish candle with shadows on either side indicating indecisiveness among st participants regarding the direction.
The chart pattern suggests that if Bank Nifty crosses and sustains above 35000 .
Nifty crosses and sustains above 35000 level it would witness buying which would lead the index towards 35500- 36200 levels.
However if index breaks below 33800 level it would witness selling which would take the index towards 33000- 32500.
For the week, we expect Bank Nifty to trade in the range of 36000-33000 with mixed bias.
The chart pattern suggests that if Bank Nifty crosses and sustains above 35000 .
Nifty crosses and sustains above 35000 level it would witness buying which would lead the index towards 35500- 36200 levels.
However if index breaks below 33800 level it would witness selling which would take the index towards 33000- 32500.
For the week, we expect Bank Nifty to trade in the range of 36000-33000 with mixed bias.