The week gone by was sideways yet choppy for the domestic markets. The benchmark indices remained stuck in a broad range and ultimately closed flat after too much of hustle. The Nifty made an attempt for the recovery but failed to sustain at higher levels and breached the support of 17,775. Eventually it ended flat with a marginal change.
Although the Nifty breached 17,775, it sustained there for negligible amount of time and recovered sharply. As a result, we are witnessing a Doji candlestick pattern on the weekly chart of Nifty spot. At the same time, we are also witnessing multiple bottoms near 17,775.
Thus, for the coming week, 18,150 mark which is almost the high of Doji would be a trigger point for positive momentum whereas a close below 17,775 would drag the index further. As of now there seems to be a possibility of Budget relief rally but even that would get confirmed above 18,150.
Even the Nifty Bank index respected its support of 41,500 and we are witnessing similar kind of Doji on the weekly chart. Thus, the trend deciding range for coming week might be 42,700 – 41,500. A breach of the lower range might drag the index towards 40,000 mark since that could be a psychological support. The bulls would be back in action only above 42,700.