By Dinesh Sharma of Moneyites Global Research
Market Summary:- The Benchmark index Nifty 50 closed in green at 10605 up 0.87%. The index opens gap up and keep capitalizing on the previous day gains to mark other good day for the bulls.
On Weekly time frame, The index snapped early losses of the week to close almost flat by the end. The index has weekly high and low of 10417 and 10628 respectively.
The index has retraced around 38.2% of the recent downfall in the last two trading session of the week and RSI reading above the 50 mark.
The Nifty50 index has immediate resistance at 10630 above that 10670/10700/10730 will be retested to the higher side and it has immediate support at 10575/10550/ 10515 in the coming time.
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NSE Nifty Bank:- The banking index wiped out the weekly losses and closed with the gain of around 1.53 % on weekly time frame. On daily chart, the index forms back to back bullish candle and closed on higher notes with the positive biases. The index has immediate hurdle at 26340 above that 26420/ 26530/ 26720 can be retested to the higher side whereas the index hold important support at 26190 below that it may correct down to 26110/25980/25870 in the short run.
BSE Sensex 30:- The BSE benchmark index bounced back and closed with the marginal gains on the weekly time frame. The index closed on firm notes and hold important resistance at 35000 level above that 35080/ 35200/ 35340 will act as a resistance in the coming time whereas it has immediate support at 34800/ 34660/34480 to the downside.