
23.02.2020 AAKASHAYA PATRA WEEKLY MARKET OVERVIEW It was a truncated week but not bereft of excitement and uncertainty. The pull-back witnessed on Wednesday has clearly defined the Trading Range for the Nifty, which is 11900-12250. Since Nifty has formed a Bullish Island Reversal on Wednesday, there is high probability of further upward movement. Only a close below Nifty 11908; will negate the Bullish Island Reversal pattern. For the week gone by, Nifty has been gyrating between 100dma as Support and 50dma as Resistance. A break of 50dma on the upside is likely to propel Nifty towards life-high levels and a bearish break of 100dma will push the Nifty down to test the Support of 200dma. Once again the Mid-Cap Index outperformed the Frontline Indices, which indicates that the Mid-Cap Rally is likely to gather more steam in the days to come. Technically Speaking :- Sensex opened the week at 41324, made a high of 41420, low of 40610 and closed the week at 41170. Thus ...