Nifty Bank looks bullish on the weekly chart.
The Nifty formed a bullish hammer candle on the daily chart and a bullish candle on the weekly chart. It has taken support at its rising trend line, said Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Securities.
In the last session, the Nifty drifted to around the 10,200 level and managed to hold the same. It witnessed a recovery towards the 10,450-10,480 zone. The Nifty has to continue to hold 10,450 in order to move towards 10,600 level, he added.Nifty Bank also looks bullish on the weekly chart. Now it is imperative for it to continue to hold above 25,250 to extend its move towards 25,650-26,000. On the downside, 25,000 is likely to act as an immediate support.