With a roller coaster movement we have observed in index it has finally managed to show some sort of relief to investors with bulls took all the control in the market from bears. Indian market rallied on Friday despite a weakness in the US markets, where the Dow closed over 500 points lower on Thursday which also help other currencies to recover against USD.
After bleeding Index finally took support of Trend line and 100 days moving average which we can see in charts below. With a movement of 353.35 points in Nifty future and 1229.55 points movement in Bank Nifty future throughout the week.
WEEKLY INDEX SNAP SHOT
|BANK NIFTY FUTURE||24444.70||25514.55||24285.00||25406.95|
On weekly charts, this week Bank Nifty future had engulf the body of previous week candle with strong bullish candle suggesting bulls had taken control and market may remain positive for next week. Whereas Nifty future had formed hammer candlestick pattern after taking support of 100 days moving average and trend line support.
Now both Bank Nifty future and Nifty future is at crucial resistance levels. For Bank Nifty future resistance is at 25550 and for Nifty future resistance is at 10520 levels which will be very crucial for next week.
If both indices breaks their crucial level and also sustain above it then we may see Nifty future to test 10700-10800 level next week with crucial support of 10400 followed by 10150.
INDEX OVERVIEW FOR NEXT WEEK
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