MARKET SUMMARY: –Nifty 50 Indian Benchmark Index slips -0.88% to close at 10452 on Friday trade. The main index opens gap up but unable to hold the morning gains falls to the day worst level of 10434 before settled down to 10452 for the day.
On WoW basis, The Nifty 50 Index closed flat After a positive start. The benchmark index swings between profit and losses in the week, while selling pressure continue to exist at the higher level.
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TECHNICAL COMMENTS: – On the daily Chart, The Nifty 50 index forms a long bearish candle and engulfed the gains of previous four days. The main index closed on a weak note after facing stiff selling pressure on the higher level.
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On the closing basis of the index, RSI is trading at 39, MACD signs sell crossover with negative divergence and ADX at 28, signs of further weakness if support level to break in the coming time.
For the coming week, Nifty 50 index has crucial resistance at 10620-740 level on the higher side. Whereas the main index has crucial support at 10400 level below which it may slips to 10275-10120 on the downside.
BOTTOM LINE:- Trading strategy for Nifty traders, Nifty to remain volatile. Sell on high till 10740 breaches and hold.