Nifty marginally closed higher, which was much needed on weekly closing. 15444 is the weekly swing low and that should be protected in order to see a further rally towards 17000. its just ended near to weekly lower channel as of now. Further, close above 15950 confirms the trend towards 17000.
On a daily basis, took support closer to the lower Bollinger band 15627, which also happens to be the larger trendline support, which’s a welcome sign for the bulls. As of now, we are in iii of V and should the rally continue above 15915.
On the other hand, Banknifty on a weekly basis 34520 is held and the lowe band marks at 34070 which is also the previous swing low. In order to see further move on the upside, these levels should be protected. The higher levels are projecting at 39233.
On a daily basis, it just closed below its 20DMA 34941 but somehow holding to 40DEMA at 34569. Lower bands can revisit in the worst case and that should end the correction, Closing above 34930 confirms further rally towards 35463 and 35900.