All Time High – Correction – Recovery- Bulls In Command Nifty To Retest 11450-500

By Moneyites.com
7-August-2018 5:56:33 AM
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Indian benchmark index Nifty 50 ended 1.03% up to 11360 on last trading session of the week. The Nifty index opens gap up and sharply recover the two days losses.

On Weekly time frame, The Nifty index hit a fresh all-time high of 11390 and made weekly high and low of 11390 and 11235 respectively.

RBI hike repo rate by 25 bps whereas Federal Reserve keeps the key interest rate unchanged.

What a fantastic Friday?  the sharp correction on Wednesday and Thursday after RBI hike repo rate. give the opportunity to go long near the crucial support level of 11230 on Thursday for the target of 11360-11450 on Friday, as mentioned in our previous report.

Nifty 50:- Technically the fifty shares index Nifty is trading in an uptrend with the positive biases after the triangle pattern breakout. The index hitting a fresh all-time high level, followed by the correction to sharp recovery to give strong closing signs more upside above the level of 11400 in the coming time.

The Nifty index price action is showing strength while trending upside and keeps holding the gains on a closing basis. It has immediate resistance at 11400 level above that it may trend to 11430-11465-11495-11520 to the higher side, Whereas it has immediate support at 11320 below that it may correct down to 11290-11265-11230-11200.

Nifty Bank:- The Banking index gains 1.25% on the Friday trading session to close with small gains on weekly basis. The banking index trending upside with positive momentum and has immediate resistance at 27730 above that it may trend to 27820-27910-28000 on the higher side and it has immediate support 27580 below that it may correct down to 27440-27320-27200.

Happy Trading.

By Dinesh Sharma 

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