MARKET SUMMARY: – On last trading session of the Week, Indian benchmark index Nifty 50 edge higher 0.50% to close at 10493. The Nifty 50 index has started the day on a positive note after opening gap up at 10457 and slowly build on the early gain to hit the fresh all-time high of 10501.
On Weekly basis, On Monday, the Nifty index traded highly volatile on the judgment day of exit poll result from Gujarat and HP state, but soon after a clear victory for BJP in both the state’s Market seems to be got stable and keeps trending upside in a narrow range.
The market added 163 points on a weekly basis to close in green at 10493, while mark weekly high and low of 10501 and 10074 respectively.
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TECHNICAL COMMENTS: – On the daily Chart, The Nifty index broke out of a declining trend channel pattern and forms a small bullish candle in the Friday trade. The main index keeps trending positive while showing some consolidation at the all-time high level.
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On close, The nifty 50 index holds above the short and medium term SMA of 20 and 50 days respectively and RSI stands at 63 level.
On shorter time frame, The Nifty 50 index trading in a narrow range and keeps on consolidation at the higher level. The main index marks an all-time high level with an unsupported volume.
The Nifty index trading well above the short and medium term average on hourly chart and RSI hold at 61 level.
The index has immediate support at 10460-10405 level on the downside, below that some sharp profit booking can be seen. On the contrary, a decisive breakout on the higher may trend nifty up to the target 10540-10600 in the short run.
The US Tax bill passed and signed by the US president, A positive trigger from this may heads nifty for the Fresh high in the coming time.
BOTTOM LINE:- Trading strategy for Nifty traders, Buy bottoms till Nifty index holding 10400 level on a closing basis and fresh long position only above 10500 level on an intraday basis.
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