MARKET SUMMARY: – Indian domestic market index Nifty added 10 points and closed in green at 10399 while traded choppy in the day trading session. The Nifty index open gap down 28 points at 10361 and slips further to marks day low of 10340 on account of unchanged India Rating by S&P and weak global cues. The Nifty50 rebound and bounces from the low in the second half and marks day high of 10407 near the resistance level of 10410 mentioned in the previous day report.
TECHNICAL COMMENTS: – On the Daily Chart, the Nifty index forms a bullish candle and closed near the day high. RSI at 62 and holding above the SMA of 26 days may show some more upside from here in the short run.
The Nifty50 index not only absorbs the losses in the day trading session from unchanged India rating by S&P but also closed in green by keeping the winning streak continues. The way it keeps trending and holding the gains, Some positive trigger from the domestic or global market it has more than a fair chance to marks a new high before the expiry.
On short-term time frame, the Nifty50 index trending upside with volatility. On close, the Nifty index holds above the SMA of 9 days and RSI stands at 62. On an immediate basis, the Nifty50 has resistance level 10410 level above that further upside to the level of 10440-480 can be witnessed. On the contrary, Nifty has immediate support at 10365 level below that some more correction to the level of 10340-10310 can be seen.
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