Nifty started the week with an upward gap and buying momentum for most part of the week led it to close on a strong note. Nifty closed at 18256 with a gain of 443 points on a weekly basis.
On the weekly chart the index has formed a long bullish candle forming higher High-low compared to previous week and has closed above previous week's high indicating positive bias.
The chart pattern suggests that if Nifty crosses and sustains above 18300 crosses and sustains above 18300 levels it would witness buying which would lead the index towards 18400- 18600 levels.
However if the index breaks below 18100 level it would witness selling which would take the index towards
18000-17800.
For the week, we expect Nifty to trade in the range of 18500-17800 with a positive bias.
The daily and weekly strength indicator RSI is in bullish mode and sustaining above 50 mark which supports bullish sentiments ahead.
On the weekly chart the index has formed a long bullish candle forming higher High-low compared to previous week and has closed above previous week's high indicating positive bias.
The chart pattern suggests that if Nifty crosses and sustains above 18300 crosses and sustains above 18300 levels it would witness buying which would lead the index towards 18400- 18600 levels.
However if the index breaks below 18100 level it would witness selling which would take the index towards
18000-17800.
For the week, we expect Nifty to trade in the range of 18500-17800 with a positive bias.
The daily and weekly strength indicator RSI is in bullish mode and sustaining above 50 mark which supports bullish sentiments ahead.
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