Nifty Spot Chart
The concluding session of week started with gap up opening however index surrendered its early morning gains and corrected immediately during the initial hour of trade. Subsequently, the support based buying interest during the remaining part of the session allow index to recoup its gains. In the process, Nifty registered another record closing high. Friday’s candlestick resembles a formation of ‘Hanging man’ pattern however it requires confirmation in terms of trading below pattern low of 10403. Any break below 10403 will drag index lower towards 10360 whereas the 10482 / 10511 are the near term resistance.
Bank Nifty Spot Chart
The Nifty Bank index maintained its northward journey and registered a fresh all-time high of 25695.50. In that optimism, index added 0.88% into bull’s kitty. In line with expectation, the momentum continued and we saw participation from the PSU Banks. Looking at the daily chart, the 9 - EMA of RSI (14) has entered inside the 60 levels which is a bullish indication. Going forward, we maintain our positive stance and expect index to rally higher. For the day, 25395 / 25200 are the near term support whereas 25800 / 25950 are the immediate resistance.
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