Markets witnessed a sharp recovery during the week amid wild gyrations. Our daily chart analysis indicates, Nifty indeed surpassed short term moving averages, however, has not approached its long term 200-DMA, which is around the 11170 zone.
The index also is reaching the 11250 levels which are the rising trendline weekly resistance zone. On the downside, support areas are gradually shifting higher and the immediate support is now seen around the 10950 levels.
Further, Bank Nifty formed a Doji candlestick pattern on the daily chart, however, surpassed its 200-DMA resistance zone of 28480 levels. The index is also making an attempt to recover from the oversold territory. Also, a positive crossover on the RSI indicates the current momentum is likely to get extended further.
Nifty Auto index consolidated and gained throughout the week snapping a five-week losing streak. The index has formed a bullish engulfing pattern on the weekly chart indicating fresh upmove is likely in the coming week.
The index also is reaching the 11250 levels which are the rising trendline weekly resistance zone. On the downside, support areas are gradually shifting higher and the immediate support is now seen around the 10950 levels.
Further, Bank Nifty formed a Doji candlestick pattern on the daily chart, however, surpassed its 200-DMA resistance zone of 28480 levels. The index is also making an attempt to recover from the oversold territory. Also, a positive crossover on the RSI indicates the current momentum is likely to get extended further.
Nifty Auto index consolidated and gained throughout the week snapping a five-week losing streak. The index has formed a bullish engulfing pattern on the weekly chart indicating fresh upmove is likely in the coming week.
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