NIFTY Weekly chart Analysis

• 50 Week SMA is crucial for bulls and bears. Trading and Closing above this level will keep it safe for bulls as this pullback after the breakout can be termed as a consolidation after an up move which mostly ends up as a continuation pattern. Closing the week below this level will make things weak for the bulls.
• For a larger up move or a stronger bull, price has to close above the weekly Ichimoku cloud. So this zone is kind of in between a stronger bull or a back to bear market kind of zone as shown in last chart. which may get resolved when the larger support 5171 or the important resistance 5629 gets taken out.
• 50 Day SMA near 5220 will be an important support in daily chart. 20 Day SMA near 5393 will act as resistance.
• BANK NIFTY WEEKEND UPDATE