NIFTY – Nifty bounced back from the support zones on RSI. On the weekly charts Nifty has settled on a trend line channel support. Now holding on to this support is key to the future moves. Holding 10400 levels on closing levels will be crucial. Above this Nifty is expected to test 10650 – 10800 levels in the weeks to come. However a failure to keep 10400 in place will be another booster shot to sellers and Nifty may be dragged down to 10300 – 10130 levels.
BANK NIFTY – As suggested in the previous analysis, the weekly charts were hovering in RSI support areas. The charts were poising a pull back. This week we had a bullish candle (bullish engulfing) candle. Above 25570 the index is expected to move up further. The next resistance is placed at 27290 levels. Bank Nifty should maintain itself above 25120 levels on closing basis which is a key support levels. A close below 23660 will fuel up selling further.
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