Nifty Financial Services Index Weekly Analysis 13-17 Jan 2020

Nifty Financial Services Index 30 Min Chart 13-17 Jan 2020
Nifty Financial Services Index 30 Min Chart 13-17 Jan 2020

Nifty Financial Services Index fell around 0.38 percent in the week gone by 13 Jan – 17 Jan. 2020

Nifty Financial Services Index rose around 0.3 percent previous week. This week (13 Jan – 17 Jan 2020) Nifty Financial Services Index was consolidating with a bearish bias and fell 0.38 percent. The index had 2 red days and 3 green days during the week.

Nifty Financial Services Index opened around 14632 levels on Monday, made a high of 14701 on Monday itself, lowest levels of 14530 were touched on Wednesday and closed around 14549 on Friday (17.1.2020)

On Monday ( 13-1-2020) Nifty Financial Services Index opened at 14631 and touched a high of 14701 on the second five minute candle which also turned out to be the highest point of the day. The index faced stiff resistance at 14700 levels and fell 94 points from day high levels to touch a day low of 14606 in the afternoon session. The index closed the day 35 points above day low levels at 14635 up 30 points or 0.23 percent.

On Tuesday (14-1-2020) Nifty Financial Services Index opened at 14645 levels and moved lower in the morning session to touch a day low level of 14570 at around 9.30 am. The index respected the support level of 14600 and 111 points in the afternoon session to touch a day high level of 14635 just before the closing bell. The index closed the day at 14660 up 22 points or 0.15 percent.

On Wednesday (15-1-2020) Nifty Financial Services Index opened at 14635 and trended downwards throughout the morning and afternoon session amid huge selling pressure. The index fell 109 points from opening levels to touch a day low level of 14528 at around 1.50 pm. The index took support at 14500 levels and rallied 126 points from day low levels to touch a day high level of 14654 just before the closing bell. The index closed the day at 14644 down 9 points or 0.13 percent.

On Thursday (16-1-2020) Nifty Financial Services Index opened at 14624 levels and moved higher in the morning session to touch a day high level of 14700 at around 9.45 am. The index could not move any higher and fell 109 points from day high levels to touch a day low level of 14587 at around 12.20 pm. The index recovered 85 points from day low levels to close the day at 14654 up 10 points or 0.07 percent.

On Friday (17-1-2020) Nifty Financial Services Index opened with a gap up of 68 points at 14585 and touched a day low level of 14541 at around 9.25 am. The index rallied 98 points from day low levels and touched a day high level of 14635 at around 10.40 am.However the index could not move any further and fell 85 points from day high levels in the afternoon session. The index closed the day at 14549 down 104 points or 0.72 percent.

“Nifty Financial Services Index is trading around support levels of 14436. If the index moves up in the coming days it can rally towards new lifetime high levels of 14867. But if the index breaks the important support level the index can fall towards 14113 levels.”

The highest gainer in the Nifty Financial Services Index during the week was M&M Financial Services gaining about 8.7 percent and the biggest loser was SBI down 4.3 percent during the week

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