output_HQKCu5Looking at the daily chart, the Nifty has closed below the ‘5 SMA’ along with the negative crossover in MACD.

This is an indication that the index might undergo some consolidation phase in near term. Thus, short term traders should focus on stock-specific moves and trade with proper risk management.

Major Resistance for spot nifty is 10090 and 10210, where support is 9940 and 9820.

Major Support for bank nifty future 24600 and 24100 which is very crucial, where resistance is at 25150 and 25550

Next week bullish movement could be seen in Repco Homes, Jubl Food and Gujrat Flouro

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Sensex, Nifty extend gains for fifth week

Indian Stock Market Tips| Commodity Trading Tips| Share Market Tips| Mcx Tips| Nifty Future Trading TipsIndian stocks snapped a two-day losing run on Friday with the Nifty gaining 0.5% after a late surge aided by short-covering in auto and bank shares.

The rebound helped stock indices extend gains to the fifth straight week and Nifty close above the psychologically crucial 10,000-mark though market participants expect investors to be on the edge amid worries that the market has risen too fast, too soon in recent weeks.

The Sensex gained 87.53 points, or 0.27%, to close at 32,325.41. The Nifty rose 52.75 points, or 0.53%, to close at 10,066.40. This week, the Sensex gained 0.05% and the Nifty has risen 0.5%. But for the last minute advance on Friday, the market would have ended on a weak note this week.

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asMuch as was expected in our previous weekly note, the domestic equity market witnessed a significant amount of volatility during the week gone by.

Still, the benchmark Nifty50 continued to post modest gains and ended the week with net gains of 51.90 points, or 0.52 per cent on a weekly basis. We still maintain and reiterate that the 10,114 and 10,150 levels will be very critical for the index. Unless these levels are breached significantly on the upside, sustainable upward moves will not be seen.

The 10,150 and 10,230 levels will act as immediate support for the Nifty50 during the forthcoming week. Supports will come in at 9,960 and 9,850 levels.

The Relative Strength Index or RSI on the weekly chart stands at 79.7787 and it has marked a fresh 14-period high. However, we cannot ignore the fact that this indicator remains in a seriously overbought territory. The weekly MACD remains bullish even as it trades above the signal line. No significant formation was observed on candle charts.

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