On the weekly chart, Bank Nifty has formed a ‘Hammer’ like formation indicating buying support at lower levels, and since the last seven weeks, Bank Nifty is holding above 26,000 levels on closing basis which indicates sustained strength, Rajesh Palviya, Head- Technical & Research, Axis Securities, said in an interview with Moneycontrol’s Kshitij Anand.
Q) The Nifty50 on weekly basis closed with gains of 0.54 percent. What does weekly and monthly chart tell about the technical picture?
A) On the weekly chart, the index has formed a "Long Legged Doji" candlestick formation carrying long lower shadow indicating buying support at lower levels.
This candlestick pattern indicates indecisiveness among market participants regarding the direction. Since the past three months, the index is consolidating within a broad range of 10,850-10,530 levels representing a short-term sideways trend
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Source:https://www.moneycontrol.com/news/business/markets/hdfc-bank-yes-bank-kotak-indusind-bank-are-showing-strength-2682401.html
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