By Dinesh Sharma of Moneyites Global Research
In Friday trading session, Nifty 50 down 0.04% or -4 points to 11018 on account of profit booking. Large cap Stocks leads Indian benchmark index to have a good run added 2.28% in the past week. Nifty index marks weekly high and low of 11078 and 10807 respectively.
Nifty 50:- In past week, We saw the Nifty index fails to give the confirmation of triangle breakout to the downside (false breakout). It then move up and broke upside resistance of 10816 and rallied to 11078, on short covering of the position and fresh long position above the resistance level.
Technically Nifty 50 has a upside breakout and closed on the higher note (amid fresh threats of 200 billions of tariff from the US). The Nifty index trading in a positive momentum and has an immediate resistance at 11080 above that it may trend up to 11120/11160/11210.
Whereas Nifty index has immediate support at 10995 below that it may retest the support level of 10970/10940/10880 in the coming time.
Nifty Bank:- On shorter time frame, The banking index has an uptrend and keep trading with positive biases. The Bank Nifty Index has crucial resistance at 27165 above that the bull rally to continue in the coming time.
It has immediate resistance at 27040/ 27165/27290 and near term support at 26840/ 26770/ 27650
Reliance industries, Yes Bank, IT Major TCS , Infy and Bajaj Finance are some of the major gainers in the Nifty 50 rally past week.
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