The Indian benchmark index NSE Nifty50 marginally up 0.03% to 11680 on the Friday trading session. The index opens gap up but soon erode the morning gains. It holds support at the level of 11640 for the rest of the day and manages to close with small gains.
On Weekly time Frame, The index gain more than a percent and registered the sixth straight weekly gain. The index mark weekly high and low of 11760 and 11595 respectively.
Nifty 50:- The index forms a Doji candle on the daily chart, sign neutrality in the coming time. The Nifty price action is trending higher in the upward trending channel and if continue to trade above the support line, the price action has a higher commitment to move towards the resistance line in the short run.
The Bull trend is active and has immediate resistance at 11720 level above that the price action may test the level of 11760 -11800 -11850. Whereas it has near-term support at 11640 level below that it may test 11600-11550-11510 level in the short run.
Nifty Bank:- The banking index remains sideways and trading in the range of 27700-28400 from last few weeks. The breaking of the range on a closing basis will set the future tone in the coming time.
The index has immediate resistance at 28150 above that 28285-28400 will act as the next resistance level and it has immediate support at 27940 below that 27840-27700 will act as the support level in the short run.
Gross Domestic Product data grew at 8.2% for the first quarter of the year is higher than the expected, It may give a positive open for the market coming Monday.
Bottom line:- Moneyites.com recommends buying dips till Nifty holding above the level of 11600 on a closing basis.