Home :: Market Technicals :: Chart analysis for the week, 12th February 2024

Chart analysis for the week, 12th February 2024

Charts , Market , Weekly

| Posted by: Pixarts Trade on February 11, 2024 08:25 PM |

NIFTY 50

Fig. NIFTY Daily Chart
Fig. Nifty Weekly Chart
Fig. Price Patterns for NIFTY 50
View :

After a bullish candle- a pause on weekly chart is observed. Overall weekly price action is still bullish, despite a correction las week.

Not a clear bullish harami but looks like one, it looks market is unable to to sustain at the top.

Important Levels

  • Resistance – 21,900 – 22,000
  • Support – 21,650 – 21,750
  • No trading Zone – 21,650 – 21,750

BANKNIFTY

chart-11-02-2024
Fig. Banknifty Daily Chart
chart-11-02-2024
Fig. Banknifty Weekly Chart
chart-11-02-2024
Fig. Price Action
View :

Post the formation of a bullish harami in the weekly chart, a bearish candle with a long wick at the bottom is formed, this suggests a buying at the lower levels.

On daily time frame, after a back to back negative candles in the last session a strong bullish marubuzo is formed with a good volume.

Important Levels

  • Resistance – 45,900 – 46,000
  • Support – 44,400 – 44,500
  • No trading 44,400 – 44,500

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