Nifty shows sign of strength; but watch 10,365 level
For the 4th day in a row, the benchmark Nifty50 stopped from giving a clear upward breakout from the 10,346 and 10,365 levels. And it has been continued to consolidate. As a result, it ended with a moderate gain of 6.45 points on Thursday, 23rd November 2017 after capturing a smart recovery from the low point of the day.
The market not going back from the current levels which is certainly a good sign of strength. However, as per the Friday’s trade, still we have to watch the 10,365 levels until it’s breached comprehensively on the upside.
Nifty showing sign of strength, check out all about 10,365 level
The levels like 10,365 & 10,395 will continue to pose resistance for the Nifty50 the 4th day in a row. It is likely to be expected that the supports should come in at levels 10,280 and 10,200. While the Relative Strength Index (RSI) on the daily chart placed at 58.2127 and it has been continued to remain neutral by showing no divergence against the price.
The daily chart showed a continuous trade below its actual signal line & it remains downright. It also continued to portray gross indecisiveness among the market participants.
Reportedly, the pattern analysis has confirmed that the intermediate resistance in the zones such as 10,345-10,365. But the creation of each marginal high, the market is escaping to create a definitive lower top.
The Nifty50 has pulled back after suffering a 100% throwback and offend of the 10,365 level thoroughly on the upside that will make it scale further highs.
However, there is no doubt that the markets have continued to show inherent strength & it’s not decreasing after continuous testing its resistance at 10,345 and 10,365 levels. Until those levels are breached ultimately on the upside, so we will not see any meaningful rise.
Unless the Nifty50 moves past those levels, one can’t miscalculate the potential resistance in this area due to the index is not sliding down much. In order to see a meaningful rise, we have to wait for Nifty50 to cross this immediate hurdle.