On the index front, Nifty needs a decisive break above 11,350 for further surge else consolidation will continue. In case of a decline, 11,000 would act as immediate support and next at 10,850.
Indian market closed the past week on a strong note with benchmark indices ending above critical resistance levels. Sensex closed above 38,000, while Nifty50 reclaimed 11,200.
Both Sensex and Nifty50 closed with gains of over 1 percent each. Meanwhile, BSE Small-cap index rose nearly 5 percent and the BSE Midcap index closed with gains of over 3 percent for the week ended August 7.
Strong global cues helped bulls to push through critical resistance levels, and on the domestic front, investors’ mood cheered as RBI announced additional measures to support the stressed sectors and boost the financial system as well.
On the technical front, Nifty50 needs to break above 11,350 for a decisive up move towards 11,500, while support is seen at 10,850.
“Going ahead, global cues and earnings would continue to dictate the market trend in the absence of any major events. Besides, the macroeconomic data viz. IIP and CPI inflation, hearing on AGR dues, update on vaccine trails and COVID situation would be closely tracked by the participants,” Ajit Mishra, VP – Research, Religare Broking Ltd told Moneycontrol.
“We’re mirroring global markets and indications are favourable so far. On the index front, Nifty needs a decisive break above 11,350 for further surge else consolidation will continue. In case of a decline, 11,000 would act as immediate support and next at 10,850,” he said.
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