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    Technical View on Nifty & Bank Nifty

    Nifty 8564

    Last whole week Nifty has witnessed minor volatility with positive bias and finally ended with “Small White Candle” a minor bullish candlestick pattern on weekly chart. Short term trend remains up as long as Nifty is hovering above 8496 levels. Daily as well as hourly momentum indicators are reading bullish. Nifty intraday support placed at 8540 – 8515 levels and resistance placed at 8590 – 8615 levels.

    Bank Nifty 18893

    Last week Bank Nifty has remained in a range bound movement with presence of supply at higher level and finally ended with “High Wave” pattern with longer upper shadow; which depicts weakness at higher levels. Weekly as well as daily momentum indicators are generating mixed signal on chart. Short term support placed at 18725 levels. Bank Nifty intraday support placed at 18830 – 18750 levels and resistance placed at 18953 - 19018 levels.

    Source:- Unknown.

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