*INDEX Weekly Update *
*Nifty 50*
In last week Nifty made high 12280, low 11557 and closed at 12263. Nifty took support near its 50 DEMA , which is placed near 11530 and we saw continued buying in the market and after closed above 12025, Nifty has given Flag pattern breakout on the daily chart.
Now Nifty can test its all time high of 12430 soon , however the target of the Flag pattern breakout come near 12770. Thus we maintain a bullish view on the market and we believe that any correction would be a good buying opportunity,on the downside the range of 11950-11900 will play as an important support for the immediate term, however the recent low of 11535 will t a strong support for the short term.
*Weekly Pivot Levels*
R2 - 12756
R1 - 12510
P - 12033
S1 - 11787
S2 - 11310
*Banknifty*
In last week Banknifty made high 26883, low 24120 and closed at 26798. Banknifty took support near its 200 DEMA, which is placed near 23600 and we saw continued buying in the market and Banknifty reached our target of 26400.
Now Banknifty closed above 26400, thus it can move up to 27750, on the downside 20 DEMA which is placed near 24650 will play as an important support for the immediate term, however the 23600 will be a strong support for the short term.
*Weekly Pivot Levels *
R2 - 28647
R1 - 27728
P - 25924
S1 - 24995
S2 - 23191
Disclaimer-Educational purpose only.