The Indian equity market seems to have climbed the short term wall of worry as Nifty pushed ahead closing at fresh all-time highs. This move came despite witnessing a Doji as well as a bearish belt-hold candle stick pattern during the week.
The ongoing momentum seems to be very strong and a break above its previous high of 11,390 levels is likely to lift the Nifty to move towards the 11,450-11,500 zone.
On the downside, the short term structure would remain intact till Nifty sustains above the support of 11,170 levels.
Bank Nifty, on the other hand, is playing catch up and it is the PSU Banks space which is leading the current upswing. Bank Nifty has crucial resistance of 27,872 levels a break above which could trigger a fresh breakout, while 27,400 levels remains an important support zone for the Bank Nifty index.
The ongoing momentum seems to be very strong and a break above its previous high of 11,390 levels is likely to lift the Nifty to move towards the 11,450-11,500 zone.
On the downside, the short term structure would remain intact till Nifty sustains above the support of 11,170 levels.
Bank Nifty, on the other hand, is playing catch up and it is the PSU Banks space which is leading the current upswing. Bank Nifty has crucial resistance of 27,872 levels a break above which could trigger a fresh breakout, while 27,400 levels remains an important support zone for the Bank Nifty index.
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