Indian benchmark index NSE Nifty 50 closed down 149 points to 10303 on the Friday trading session. The main index opens gap down 130 points to 10323 and keeps sliding thereafter to the day’s worst level of 10249 before finally settled to 10303.55.
On weekly time frame, the index has retreated previous week gains and mark weekly high and low of 10710.15 and 10249.60 respectively.
Nifty 50:-On the daily chart, the index has gap down opening followed by a weak closing for the day. The index is in correction phase and witnessed heavy sell off from its 200 days simple moving average. On candle stick front, Nifty forms a Doji candle signs neutrality in the coming time.
To fill the gap the index may see some pull back in the coming time. The index has nearest resistance at 10340 above that it may test 10380-10420-10460-10490 to the upside. The bears are in control of market and any pullback is vulnerable to selling pressure. The index has nearest support of 10270 below that it may test 10240-10210-10170-10130 in the coming time.
Bank Nifty: – The banking index retreats near by 50% of its previous weak gains and closed near its short term support of 24920. The index has nearest resistance at 25170 above that it may trend higher to 25280-25460-25580-25750 in the coming time, whereas below the support level of 24920 it may fall to 24800-24670-24490-24270 in near term.
USDINR: – The Rupee closed with the gains of 27 Paisa against the US Dollar on the Friday trading session. The currency pair marks the all-time high of 74.49 in the past week.
The currency pair is in overbought zone and has witnessed second consecutive weekly losses on the chart. The Rupee may see gaining more strength against the US Dollar in the coming time, if it maintains to keep trading below 73.75-74.00 in the coming time.
Bottom line: – Moneyites.com recommends market may see some pull back, But Any pull back is vulnerable to selling pressure till Nifty and Bank Nifty is trading below 10770 and 26000 respectively.