NIFTY 50

Nifty started the week on a negative note and traded with extreme volatility on either side throughout the week. Nifty closed at 17559 with a loss of 20 points on a weekly basis.

The chart pattern suggests that if Nifty crosses and sustains above 17800 level it would witness buying which would lead the index towards 18000-18300 levels.

On the weekly chart the index has formed a Bearish candle with a long lower shadow indicating buying at lower levels.

However if the index breaks below 17400 level it would witness selling which would witness selling which would take the index towards 17200-17000.

For the week we expect Nifty to trade int the range of 18300-17400 with mixed bias.

The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.