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Nifty continued its upside momentum for the sixth consecutive sessions on Friday and closed the day on a decent gains of 88 points. A reasonable positive candle was formed at the highs with minor upper shadow. Nifty made a new swing high of 11686 and closed near the highs. Though, Nifty moved up continuously in the last 6-7 sessions, the broader trend of the market was range bound.
Friday’s upmove in the broader market was mainly contributed by the excellent up move in the front line Banking, PSU Banking and Financial stocks. The overall market breadth was reasonably positive with decent upmove was observed in the mid and small cap segments.
The intermediate resistance as per weekly and monthly chart has been broken on the upside at 11500 levels in last week and Nifty closed just above it. Apparently, this action could signal upside breakout of the hurdle, but market internal movement on the daily chart was subdued with range bound movement. Now, one needs to be cautious about 11500 holding in the next week to consider this as a sustainable upside breakout.
The near term trend of Nifty continues to be positive. A sustainable movement for the next week is likely to pull Nifty towards the next upside levels of 12000 and higher for the coming week. Formation of any significant reversal pattern at the highs is expected to trigger profit booking from the highs.
Source: Equity Bulls
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