Nifty started the week on a positive note and remained consolidated for most part of the week however profit booking along with selling pressure on Friday led it to close in negative territory. Nifty closed at 17413 with a loss of 181 points on a weekly basis. On the weekly chart the index has formed a Bearish candle with an upper shadow indicating selling pressure at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 17500 level it would witness buying which level it would witness buying which would lead the index towards 17600- 17800 levels.
However if the index breaks below 17250 level it would witness selling which would take the index towards 17000-16900
PETRONET on the weekly chart has decisively broken out above the “Symmetrical triangle” at 230 level with strong bullish candle indicating a positive bias. The breakout is accompanied with an increase in volume confirming participation at breakout level. Stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum.
The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal.
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