On weekly basis, Nifty started the week on a flat note however selling pressure throughout the week led the index to end on negative note. Nifty closed at 17475 with a loss of 310 points on weekly basis.
On weekly chart the index has formed a long red bearish candle forming lower high-low compared to previous week indicating weakness at current levels.
The chart pattern forming a evening star kind. If pattern which requires one more red candle to change the trend towards downside and it suggests that if Nifty crosses and sustain above 17700 level it would witness buying which would lead the index towards 17900-18100 levels.
However if the index breaks below 17400 level confirming the evening star pattern, it would witness selling which would take the index towards 17100-17000.
For the week, we expect Nifty to trade in the range of 18000-17400 with mixed bias. The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.