The concluding session of week began with a marginally higher opening and we witnessed lethargic movement throughout the session. In the process, index eventually ended on flat note. After seeing sharp rally in past few days, index took breather and traded within a narrow range of 55 points.
On hourly chart, we are seeing a bearish divergence formation hence possibility of some consolidation or correction might be possible in the near term.
Going forward, 10350 will act as an immediate resistance above which the next resistance comes near 10380. Lower side, 10300 / 10270 are the near term support.
On Friday, the Nifty Bank index opened lower with a gap of nearly half a percent mainly on the back of pessimistic opening of YESBANK & ICICIBANK.
Post opening, index traded in a narrow range and eventually ended with a loss of 0.73%. During the day, we saw profit booking across the PSU space which pulled index lower.
Looking at the hourly chart, the Bollinger band index has squeezed and index is approaching towards the lower band of the Bollinger band.
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For the day, 24740 / 24560 are intraday support whereas 24940 / 25200 are the immediate hurdle.
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