MARKET SUMMARY: – Indian benchmark index NSE nifty open gap up 55 points at 10358 and made day high of 10368. The selling pressure at the resistance level of 10390 pushes the Nifty down to fill the gap. Nifty slid down 100 points and made intraday low of 10266 dots near the support level of 10265 mentioned in the previous day report. Finally, the Nifty index managed to close in green at 10308 with the gain of 5 points.
MARKET FRIDAY VIEW: –In longer time frame nifty index has downside breakout and continues to trade with weakness till holding below the level of 10400 on a closing basis. Fresh buying can be seen only above this level. On Thursday session, nifty index stopped its two days losing streak after closed above 10300 level on it second consecutive day. On shorter time frame too, nifty trending downside but closed on a positive note on hopes of GST rate cut in Friday meeting of GST council. The Nifty index may trade volatile with negative sentiments for now. Nifty has immediate resistance at 10330 level above which it may retest the level of 10360-10390 on Friday trade, whereas nifty holds important support at 10265 level below that correction rally may further continue to the level of 10240-10210 in the coming time.
Nifty has intraday resistance at 10330-10360-10390. / Nifty has intraday support at 10265-10240-10210.
BOTTOM LINE:-For Nifty Traders, A hope of positive trigger from GST council may boost the market in short term, But the fresh long positions in the Nifty index only above 10400 level. Below this level of 10400 nifty expected to trade with weakness and may retest the support level of 10265-10210 in the downside in the coming time.
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