Nifty index edge up 0.48% to 11010 on the last trading session of the week. The price action for the nifty index remains range bound in the past week. On Weekly time frame, Nifty index down 8 points and mark weekly high and low of 11076 and 10925 respectively.
Nifty 50:- The Nifty index is trending upside and holding above the downward sloping resistance line. Currently, the price action is in consolidation phase, soon after a stronger upside move led by a breakout.
The Nifty index remains in the range of 10920-11080 and a either side decisive breakout will sent the market tone in the coming time.
This price action is showing higher commitment to a upside move and the breach of the resistance level of 11080 may resumes the bull rally and nifty may trend up to the level of 11110/11150/11190 in the coming time. Whereas a downside break out from the trading range may correct nifty down to the level of 10890-10840-10790.
Nifty index has immediate resistance at 11025, a closing above this level may retest the level of 11055-11080 and it has immediate support at 10095 below that it may correct down to 10970-10920 in the range bound scenario.
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Nifty Bank:- On weekly chart, the Banking index forms Doji. The banking index trending upside and it has been consolidating in a range of 26600-27200. A either side decisive move will set the market tone in the coming time.
On Immediate basis, Bank nifty may face resistance at 26900 above that 27025-27200 may act as a resistance and on the downside it may take support at 26720-26600.