MARKET SUMMARY: – The Nifty50 Indian benchmark index extends gain 0.28% to close at 10681 on last trading sessions of the week. The Nifty50 index opens gap up 31 points but unable to hold on the early gains drops to the days worst level at 10597 before record high closing ever.
On Weekly time frame, The index starts positively with a gap up opening and have the same open low of 10591 for the week and touching an all-time high of 10690. The index keeps trending in the north in the narrow range and gains more than just a percent to close in the green.
TECHNICAL COMMENTS: – On the daily chart, the Nifty50 index trending upside in the narrow range and closed near the all-high level. The Nifty50 index holds crucial support at the lower support line at 10550 level and if continues to hold above it may trend up to 10750-10820 on the higher side. On the contrary nifty has immediate support at 10650 below that it may slip to 10600-10550 level in the coming time.
Bank Nifty Index – NSE India banking index is in a consolidation phase with positive biases. The Index set up on the daily chart is in process of having a big move to come in the coming time. The index holds immediate resistance at 25800 level above that 26100-26400 can be targeted on the higher side. Whereas below the immediate support level of 25650 further corrections to 25450-25300 can be seen.