Nifty 50 up 0.99% to close at 11278 on Friday trading session. Nifty50 index open gap up and keeps on capitalizing on the morning gains to closed at the day high.
What a fabulous week, Nifty50 index shown record breaking rally hit fresh all time high and gain around 2.40%. The Nifty index made weekly high and low of 11283 and 11011 respectively.
Nifty 50 :- Technically, the Nifty 50 index keeps trending northward after triangle breakout to the upside. The market rally to the upside is also getting support from the quarterly result of the large cap companies.
The Nifty 50 index trending higher with strong positive momentum has immediate hurdle at 11320 above that it may retest 11360-11400-11450 to the upside in the coming time. Whereas it has immediate support at 11230 below that it may show some correction to the level of 11200-11170-11130.
The bank nifty index is in strong positive momentum has immediate resistance at 27661 above that 27750-27860-27980 can be witnessed on the higher side. Whereas it has immediate support at 27600 below that it may correct down to 27520-27400-27230.
Time your trade to get best possible result. The level of 11000 and 27125 seems to be crucial support for Nifty and Bank nifty respectively for the long Position on closing basis, as profit booking cannot be ruled out at this level