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Nifty Spot
The concluding session of the week started on a cheerful note on the back of India’s rating upgrade by the moody’s which clearly lifted the sentiment of bulls. As a result, The Nifty index opened higher with a significant gap, however profit booking pressure during the second half pared some of its early gains. In the process, index eventually ended with a gain of 0.67%. Looking at the daily chart, index resist near the 61.8% retracement of the recent swing move. Going forward, index has an immediate resistance near 10320 above which we will see an index to rally towards 10360. On the flip side, 10245 / 10200 are the near term support.
Bank Nifty Spot
The Nifty Bank index opened higher with a significant gap and surpassed its recent swing high of 25965 with an ease. In that optimism, the index registered a fresh all time high of 25925 however profit booking during the penultimate hour of trade trimmed some of its gains. Looking at the daily chart, we are seeing mild bearish divergence. The hourly Bollinger band has expanded post consolidation hence consolidation in coming days is quite likely. For the day, 25600 / 25460 are the Intraday support, whereas 25850 / 25980 are Intraday resistance.
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