Nifty started the week on a flat note and buying momentum throughout the week led it close on a strong note. Nifty closed at 17670 with a gain of 517 points on a weekly basis.
On the weekly chart the index has formed a sizable bullish candle and closed above previous week's high indicating positive bias
The chart pattern suggests that if Nifty crosses and sustains above 17700 crosses and sustains above 17700 levels it would witness buying which would lead the index towards 17800- 18000 levels.
However if index breaks below 17500 level it would witness selling which would take the index towards 17400- 17300.
For the week, we expect Nifty to trade in the range of 18000-17400 with a positive bias.
The daily and 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 sizable bullish candle and closed above previous week's high indicating positive bias
The chart pattern suggests that if Nifty crosses and sustains above 17700 crosses and sustains above 17700 levels it would witness buying which would lead the index towards 17800- 18000 levels.
However if index breaks below 17500 level it would witness selling which would take the index towards 17400- 17300.
For the week, we expect Nifty to trade in the range of 18000-17400 with a positive bias.
The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.