Nifty had a flat start to the week and saw buying momentum for most of the week, leading the index to end higher. Nifty closed at 18,105, up 299 points for the week. On the weekly chart, the index has formed a bullish candle and remains confined to last week’s high-low range, suggesting a lack of strength on both sides. The chart pattern suggests that if the Nifty crosses and sustains above the 18,300 level, it will witness buying, leading the index towards the 18,500-18,800 level.

However, if the index breaks below the 18,000 level, there will be selling, pushing the index towards 17,800-17,500. This week, we expect the Nifty to trade in the 18,800-17,500 range with mixed bias. Weekly strength indicator RSI and momentum indicator stochastics are flat, indicating a lack of strength.

Bank Nifty started the week on a flat note but ended the week on a positive note, with buying momentum for most of the week. Bank Nifty closed at 42,986, up 1,318 points for the week. On the weekly chart, the index formed a bullish candle and was blocked in last week’s high-low range, indicating a lack of strength on both sides.