Nifty50 & Banknifty weekly analysis - 25/01/2021
Weekly Report 25th January 2021 Technical study & Recommendation; Index Performance NIFTY50- Nifty50 started the week on a flat note and traded with extreme volatility on either side throughout the week. Nifty closed at 14372 with a loss of 62 points on a weekly basis. On the weekly chart, the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 14600 levels it would witness buying which would lead the index towards 14750-15000 levels. However, if the index breaks below the 14250 level. it would witness selling which would take the index towards 14000-14350. Nifty is trading above 20 and 50 day SMA's which is the important short term moving average, indicating positive bias in the short term. Nifty continues to rema...