MARKET SUMMARY: – Indian domestic market index Nifty inch up 15 points and closed in green at 10342. The Nifty index open gap up 24 points at 10350 and marks day high of 10368. The index retreats from the early gain and made the day low of 10310. The Nifty index then bounces back from the support level of 10310 and remains sideways for the whole trading session.
TECHNICAL COMMENTS: – On the daily chart, the Nifty index continues to consolidate near the resistance level. The domestic index keeps on trading in a narrow range and added 15 points in a day. On close, The Indian index Nifty holds above the SMA of 21 days and RSI stands at 63.
In short-term time frame, the Nifty index keeps on the gaining momentum but remains sideways. The Nifty index holds crucial resistance at 10385 level and a breakout in the fashion above this may show more upside to the level of 10405-10425-10450 in the coming time. Whereas, the nifty index hold immediate support at 10310 level below that some more downside to the level of 10265-10230 can be seen in the short run.
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