Nifty index formed an Inside Bar on the daily scale as it traded inside the wider trading range of election day while a bullish gap up candle on a weekly scale which indicates that bulls are holding the tight grip in the market It has to continue to hold above 11,750 zones to extend its move towards 12,000-12,040 zones while support is seen at 11,666-11,650 zones.
Bank Nifty View
Bank Nifty has been making higher lows from the past six consecutive sessions and closed the week with the decent gains of around 6 percent. It made a new lifetime high of 31,705 on the election outcome day and had a highest daily and weekly close above 31,200 zones. Now Bank Nifty has to hold above 30,500 zones to extend its move towards the recent high of 31,705 then a fresh rally towards 32,000 and 32,250 levels while major support exists at 30,250 zones which have provided major support for the last entire week.
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