Summary
– Nifty and bank nifty closed the week on a positive note.
– Nifty did see break above all time high-level of 18504.
– Index looks overbought in the near term as is trading around the upper end of the bollinger band.
– The trend is up for nifty and bank nifty and the decline will be a corrective decline towards the middle bollinger band or 20-day moving average.
– Nifty 20 dma = 18390.
– Bank nifty 20 dma = 42467
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