MARKET SUMMARY: – The Nifty50 Index little changed after sliding 9 points to close at 10361. The Indian market benchmark index Nifty failed to build on the gaining momentum on US Market record level closed after Nk Missile test. Domestic index nifty open flat and keep trading in sideways direction while remaining volatile for the day. The nifty50 index marks day high of 10392 and day low of 10345 respectively.
TECHNICAL COMMENTS: – On the daily chart, the Nifty50 index forms a small bearish candle. The Nifty index continues to consolidate near the resistance level. The domestic index trading volatile and slips 9 points in a day. On close, The Indian index Nifty holds above the SMA of 26 days and RSI stands at 57.
As mentioned in the previous report, Nifty50 too expected to close in line with the US market closing but Nk missile test subdued the fact.
The Nifty index holds crucial resistance at 10410 level and a breakout in the fashion above this may show more upside to the level of 10440-10480 in the coming time. Whereas, the nifty index hold immediate support at 10340 level below that some more downside to the level of 10300 can be seen in the short run.
The Bank Nifty index has another quite session remains sideways for the day. Trading in a tight range waits for further direction to come.
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