Market Technicals

Nifty -June 06

The index lost 1.67 % this week and closed near 9972.9 but closed below the
high of previous week. Nifty made a high of 10328.50 on the first day of the
week but could not sustain at higher levels and moved downwards after it
broke the support of 10050 on June 11. The index opened with a downwards
gap on the last trading day of the week but rallied during the day to make a
high of 9996.05 and closed near the high of the day. Nifty may face hurdle near
10450-10550 on rallies and the downside support for the index would be 9550-
9440. On the weekly time frame Nifty has formed a hanging man pattern which
is a bearish pattern.
NiftyWeekly-

Bank Nifty-
Bank nifty closed at 20654.55 and lost 1.81% during the week . The index made
a high of 21807.40 and the low for the week was 19526.10. Bank nifty has a
support near 19350-19600 levels and trading below these levels we can expect
downside momentum to increase whereas on the upside once it manages to
hold 21800-21900 it can move on the upside till 23000 levels. The trend for the
Bank Nifty is sideways as on daily charts . It can continue to move between
support and resistance zones till it breaks out on either side.