After a dashing performance on Friday, D-Street bulls likely to put their hope on Bank Nifty; know why!
A move above 33,670 is positive and it can test 33,900. However, a move below 33,400 is negative, and it can test 33,150.
Bank Nifty has closed flat to negative on a weekly basis. On the weekly chart, it has formed a bearish candle as its closing was below the opening level but carries a long lower shadow, which indicates buying demand at lower levels.
The index has taken support at the prior lows but it has been facing resistance at the 20-DMA. Having said that, the 50-DMAs and 20-DMAs are in a downtrend. The daily MACD line crossed the signal line and the histogram shows positive momentum. On a 75-minute chart, it formed a shooting star candle in the last hour. However, as it closed above the moving average ribbon, along with the MACD line on the zero line, the index looks neutral to positive zone. In any case, if the index sustains above the 20-DMA on Monday, it would be positive and it may continue its upmove above the previous week's high.
Talking about the levels, a move above 33,670 is positive and it can test 33,900. However, a move below 33,400 is negative, and it can test 33,150.