Bank Nifty future closed the week at 18764.15 after opening for the day at 18525. The low for day made 18478. week on week it’s the third weekly positive closing for bank nifty in the month of May 2015.
What a volatility, Nifty is making 100 points up and 100 points down move just like that. Nifty closed the session on friday at 8261.20 after making the intraday high of 8296. week ahead starting from 18th May 2015 nifty future will face hurdle at 8350 once sustain above this level 8495 will be next resistance for the week and there after 8550. On downside the support area is 8080-8020 below which 7800-7700 will be next.
Nifty future made the low of 8280.90 and closed the week at 8318.80, The short-term and medium term trends are down and nifty is just moving around its 200 day moving average. From the daily charts above we can clearly see a head and shoulder formation and which is very clear in breaking its neckline.
Nifty future opened the week at 8474.75 and made the high of 8645.55 and closed at the higher end of the range at 8633.10. The week was the shortest as there were only three trading days. After been range bound on Wednesday morning trading session the bulls picked up momentum in second half and nifty future moved out of the hourly trading range for the day and closed higher.
We have witnessed three outside bearish reversal bars in march month every week, Even After a gap up opening on any global positive news or local triggers market has not been able to hold the gains or reverse the trend and has declined sharply in favor of the bears. On the broad range from chart above one can clearly see the trading range for nifty future since january 2015 till date.
Nifty future closed the week on a very weak note. The momentum slowly has been in favor of bears. Fridays trading session witnessed heavy selling pressure after. Nifty future opened gap up at 8873.90 and slide down continuously from the opening correcting all the way to make intraday lows of 8652.15 and closed the week at 8674.40
Nifty recovered all the correction made during the first four days of the week on friday’s trading session. After opening at 8769 it was just a one way move slow and steady and picking up pace in the later half of the day making intraday high of 8900 and the closing at 8889.95 almost near the highest point of the day.