Nifty started the week on a flat note and remained lackluster within a narrow trading range throughout the week nifty closed at 18308 with a loss of 42 points on a weekly basis
On the weekly chart the index has formed a small bearish candle carrying shadows on either side representing extreme volatility
The chart pattern suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18800 levels.
However if the index breaks below 18200 level it would witness selling which would take the index towards 18000-17700.
For the week, we expect Nifty to trade in the range of 18800-18700 with mixed bias.
The weekly strength indicator RSI continuous to remain flat above its reference line indicating positive bias however momentum oscillator stochastic has turned negative from the overbought zone indicating a possible consolidation or a profit booking in the near term.
On the weekly chart the index has formed a small bearish candle carrying shadows on either side representing extreme volatility
The chart pattern suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18800 levels.
However if the index breaks below 18200 level it would witness selling which would take the index towards 18000-17700.
For the week, we expect Nifty to trade in the range of 18800-18700 with mixed bias.
The weekly strength indicator RSI continuous to remain flat above its reference line indicating positive bias however momentum oscillator stochastic has turned negative from the overbought zone indicating a possible consolidation or a profit booking in the near term.