By Dinesh Sharma of Moneyites Global Research.
Market Summary:- NSE Nifty 50 index rose 0.70 % to 10692 in Friday trading session. The Nifty index opens gap up taking positive cues from the Asian peers, marks intraday high and low of 10719 and 10647 respectively. The index off the day high in the second half settled after holding the morning gains.
On weekly time frame, The index up 1.21% and made weekly high and low of 10719 and 10514 respectively.
NSE Nifty 50 Index:- On Charts, The index forms a bullish candle and ends on a positive note. The Nifty index trading in rising channel carrying positive momentum. RSI reading at 67.77 has more room till 70 and above to support the uptrend in the coming time.
The index has immediate hurdle at 10740 above that 10780-10820 may act as the next hurdle and it has important support at 10630 below that it may correct down to 10580- 10515 in the coming time.
NSE Bank Nifty Index:- The banking index up 1.53% to 25394. The bank nifty index forms a long bullish candle and closed on a strong positive note. It has immediate resistance to the downward sloping trend line around 25450 above that it may trend up to 25615-25730 in the coming time. Whereas it has immediate support at 25250 below that it may retest the level of 25140-24900 to the downside.
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BSE SENSEX:- SENSEX up 0.74% to 34969. The BSE main Index registered strong gains on the first day of the new series. The index has the closest resistance at 35000 above that it may rally up to 35220-35480 and it has strong support at 34900 below that 34740-34500 can be retested to the downside.