Nifty

* On a weekly chart, the index has been trading in an Upward Rising Channel formation since last many weeks which indicates a further upside movementin the index based on the formation.

* Moreover, the index has been trading above its 21 Weeks Moving Average since last many weeks which shows a positive trend for the time being.

* Furthermore, the index is also trading above its 200 Days Moving Average which shows a positive trend for long term trend.

* Aweekly momentum indicator RSI reading is at 62.68 level, however, it has strong resistance of its Downward Falling Trend line which points out for some concern.

BANKNIFTY

* Onamonthly chart, the index has been trading with its Upward Rising Trend line which indicates northward movementin the index.

* Moreover, the index has given a close above its 50 Weeks Moving Average which shows a positive trend based on which we may see good upside movementin the index.

* Furthermore, the index has been trading in its Upward Rising Channel formation since last many days which indicates positive move in the index during an upcoming trading session.

* Aweekly momentum indicator RSI reading is at 61.48 level and it has given a breakout of its Downward Falling Trend line which points out for a positive breath in the index.

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