INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 faced resistance at higher level on Friday to eventually settle flat
The index, though, respected its key support at 11,000 level
In the process, it formed a small bearish candle on the daily chart, signalling the possibility of a near-term pause in the ongoing
momentum.
That said, a bullish candle was clearly visible on the weekly chart with a full-fledged breakout above the eight-week
Its intraday low of 10,999 was strikingly similar to Thursday's low of 10,999
The gap zone between 10,999 and 10,960 will be the immediate support for the index
A trade below 10,960 can trigger fresh profit booking and pull the index to 10,900 level, said Aditya Agarwala, Technical Analyst at YES
Securities.
"However, a sustained trade above 10,960 will resume the minor fifth impulse wave, which can take the index to 11,100 and 11,170
Securities.
Weekly momentum oscillators such as 14-day RSI and ADX/ADX are all signalling a sharp upside momentum in the market, said
Nagaraj Shetti of HDFC Securities
He sees strong resistance for Nifty50 in the 11,170-200 zone in the coming week.
