MARKET SUMMARY: – Indian benchmark index Nifty50 slips -1.59% to 10195 on last trading session of the week. Nifty50 opens gap down 15 points to 10345 keeping open high almost same for the day and widen losses thereafter as the day proceeds.
With respect to the previous week report, I wrote about the gap up opening, short-term pull back and last but not the least that bulls are resting above 10550 in the short term fit perfectly in this week.
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On WoW basis, Nifty50 made weekly high and low of 10470 and 10180 respectively.
TECHNICAL COMMENTS: –On the daily chart, Nifty50 index forms a long bearish candle and erased around 50% of the last week gains. The Nifty50 index closed near the day low with weakness and keeps trending below the SMA of 20 days.
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Nifty50 has immediate support at 10100-10000 on the downside, On the contrary, 10340-10420 will act as a good resistance on the higher side.
Not negative on the market till 10000 is breached with conviction and maintained.
For me, Bulls are still resting above 10550 level and a breach of the same in fashion will further decide the upside direction in the coming time.