The Nifty50 has broken the psychological 15,000 mark this week. It fell nearly a percent on Friday to form Spinning Top pattern on the daily charts, while for the week, it gained 2.8 percent and witnessed Shooting Star kind of formation on the weekly scale.
Overall, the index has been in a broad range of 14,500-15,300 levels, hence the breaking of the same range on either side could be a trend decider.
But, wait, Nifty is still strong until it holds 14660 odd levels which is to be considered as the weekly pivot. Holding the same in this week, can Nifty head towards 15,700 to 16,000 odd levels soon.
BankNifty is way back compared to Nifty on the charts. Hence, it is the sector to catch up with the momentum if 34,600 holds on a weekly basis. It is headed towards 37,730 and then 40,700 in the medium-term timeframe.
Considering Fed’s measures to maintain a low-interest rate and high liquidity that will be witnessed in the Monday market, can be a relief to the fall on Friday.
Overall, market trends seem to be resumed on the upside going forward.