After 5 weeks of up trend, nifty closed negative on Friday ending the long bullish trend. Whereas bank nifty has not shown any tiredness since in has snapped uptrend in the mid of April and again started showing bullishness and closed positive on Friday.
Both the index are in opposite direction! Who is going to follow whom? One cannot predict and we have to wait and watch the moves. Most probably an up move in bank nifty is not ruled out as the positiveness shown in the last three hours on Friday indicates further momentum in BNF. There is no guess work or assumption. The logic is derived out of price action of BNF.
Coming week could again be a tug of war between bulls and bears, where we can expect a gain of 50-70 points in nifty in view of bank nifty heading for a further rally.
Nifty spot range for the week 10450-670. Bank Nifty spot range for the week 25100-25890.
Trade with caution and with strict stop loss as we are very close to the peak levels.
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