Nifty Financial Services Index Weekly Analysis 20-24 Jan 2020

Nifty Financial Services Index 30 Min Chart 20-24 Jan 2020
Nifty Financial Services Index 30 Min Chart 20-24 Jan 2020

Nifty Financial Services Index fell around 0.84 percent in the week gone by 20 Jan – 24 Jan. 2020

Nifty Financial Services Index fell around 0.38 percent previous week. This week (20 Jan – 24 Jan 2020) Nifty Financial Services Index was continued to fall and fell another 0.84 percent.The index had 3 red days and 2 green days during the week.

Nifty Financial Services Index opened around 14687 levels on Monday, made a high of 14687 on Monday itself, lowest levels of 14146 were touched on Thursday and closed around 14423 on Friday (24.1.2020)

On Monday ( 20-1-2020) Nifty Financial Services Index opened with a gap up of 123 points at 14686 levels which also turned out to be the highest point of the day.The index could not move any further and trended downwards throughout the day without any major pullback.The index fell 340 points from morning highs to touch a day low level of 14350 just before the closing bell. The index closed the day at 14366 down 198 points or 1.4 percent.

On Tuesday (21-1-2020) Nifty Financial Services Index opened with a gap down of 57 points at 14308 levels and touched a day low level of 14248 on the first five candle. The index took support at lower levels and rallied 136 points from day low level to touch a day high level of 14385 at around 9.55 am. The index consolidated between 14361-143295 levels for the rest of the day. The index closed the day at 14308 down 57 points or 0.4 percent.

On Wednesday (22-1-2020) Nifty Financial Services Index opened at with a gap up of 46 points at 14359 levels and touched a day high level of 14396 on the first 5 minute candle. The index could not cross its morning highs and trended downwards for the rest of the day The index fell 240 points from morning highs to touch a day low level of 14154 just before the closing bell The index closed the day at 14180 down 128 points or 0.9 percent.

On Thursday (23-1-2020) Nifty Financial Services Index opened at 14196 levels and touched a day low level of 14148 on the first 5 minute candle. The index took support at morning low levels and trended upwards for the rest of the day. The index rallied 134 points from day low levels to touch a day high level of 14315 at around 1.15 pm. The index closed the day at 14297 up 117 points or 0.83 percent.

On Friday (24-1-2020) Nifty Financial Services Index opened at 14295 levels and touched a day low level of 14230 on the first five minute candle. The index took support at 14200 levels and trended upwards throughout the day. The index rallied 216 points from morning low levels to touch day high level of 14550 just before the closing bell. The index closed the day at 14423 up 126 points or 0.88 percent.

Nifty Financial Services Index is trading in 14146-14714 range for the past 18 days. A big move will come only when this range is broken.If the range is broken on the downside the index can fall towards 13687 levels. But if the index gives an upside breakout the index can rally towards 14885 levels.

The highest gainer in the Nifty Financial Services Index during the week was ICICI Prudential gaining about 7.8 percent and the biggest loser was Edelwesis down 13 percent during the week

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