Overall, it was a very volatile week where prices swing both the ways with a tilt of bearishness but finally index closed one percent higher on the weekly chart due to a strong recovery on the Friday’s session.
Bank nifty on the weekly charts has taken support from 10 weekly EMA which has been one of the important averages if we follow the trend from March 2020 lows.
If the index manages to cross 39800 on closing basis, we may continue northward journey till 40200 and on the downside if index closes below 38400, we may see further fall till 37700 odd zones.
On the indicator front, the weekly RSI has cooled off and showing a reading of 61 whereas the MACD is still showing no signs of weakness.
When we observe volume activity there has been above-average volume set up from the past couple of weeks on the daily chart, which indicates accumulation phrase.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds.