Nifty Weekly View
Nifty has
formed a bearish engulfing candlestick pattern on the weekly chart and is
facing resistance near its 200-day EMA resistance of 10,700. For the higher
top-higher bottom trend setup to continue, Nifty has to give a close above the
10,700-10,750 levels, post which, it could see an extension till 10,900. On the
downside, support for the index is seen at 10430-levels.
Weekly Chart
Bank Nifty Weekly View
Bank Nifty, meanwhile, traded in a tight
range and ended the week nearly flat after having witnessed a strong breakout
above its 200-day EMA in the previous week. There was a decline in momentum,
which was indicated by the daily MACD-histogram. Immediate resistance is seen
at levels of 26,400, a close above which could see the index move towards
26,800-27,000-levels, while support on the downside is seen in the range of 25,850-25,800-levels
which coincides with its 200 day EMA.
Weekly chart
Missed call
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