Nifty had formed a Bullish Engulfing candlestick pattern on Thursday followed by forming an inside bar pattern. The index has still managed to hold above its crucial 50-DMA levels of 11680 which is an important support zone. Going forward, Nifty has stiff resistance around the 11880-11900 zone in the near term.
Bank Nifty, which had already broken out from a falling channel pattern on Thursday looks much impressive compared to the Nifty index. It has just about managed to hold above the falling trendline breakout zone. Going forward, if the index manages to surpass, the immediate support is seen around the 30300 mark, which is the 50-DMA levels. On the other hand, resistance is around the psychological 31000 mark in the near term.
The Nifty PSU Bank index showed signs of recovery as it found support around its 100- DMA levels of 3050 levels. Going forward, a break above the 3130 would lead the PSU Banks to further rise in the short term.
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