The market continued its upward trend for the second consecutive week, ending on May 24, achieving a record high on a weekly basis. However, the Nifty 50 fell short of maintaining the significant 23,000 mark at the close. The index displayed a robust bullish candlestick pattern for another week, forming higher highs and higher lows, and is now trading above all key moving averages. Notably, the momentum indicator (RSI) showed a positive crossover at 67.26. Analysts suggest that if the index closes and sustains above 23,000, the next resistance level would be the upper band of the Rising Channel (23,100-23,200). Surpassing this range could pave the way to 23,500, with a support level of 22,800.
The Nifty 50 rose by 455 points, or 2 percent, closing the week at 22,957. On Friday, the Nifty dipped by 10.6 points, with market breadth remaining negative: 1,374 shares declined while 884 shares advanced on the NSE.
In parallel, the Bank Nifty experienced a 1.6 percent rally, ending at a record closing high of 48,972 for the week, also forming a bullish candlestick pattern. The momentum indicator RSI, at 59.70, indicated a positive crossover. On Friday, it gained 203 points. The next significant resistance is anticipated at 49,500, with support at 48,600-48,500.
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