The Nifty50 which opened with a gap hit a fresh record high of 9,915.40 on Monday but pared gains as investors preferred to book some profits at higher levels. The index showed a strong up move in the previous week as Nifty50 rose 2.26 percent. However, in Friday’s session, index witnessed some profit booking after hitting a record high.
Nevertheless, the long term trajectory of the market will remain towards an upward trend. On the technical front, Nifty formed a hanging man formation on Friday indicating a possibility of short term consolidation.
“The RSI of Nifty is at 75 indicating a buying sentiment, while the MACD at 69 indicating price trading above its Signal Line. On the basis of moving average, Nifty is currently trading above its EMA,” Dinesh Rohira, Founder & CEO, 5nance.com told Moneycontrol.
“The Nifty is expected to witness a major support at 9,650 level while the short term resistance will be tested at 9,910 level. Any decisive breakout from the upper brand is expected to build next set of the rally to reach 9,950 level in the short run.
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