Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan said, “On Daily Chart, Nifty 50 broke down inside bar pattern on Thursday’s followed by Friday’s Session. The weekly chart saw a quick recovery of the index during the week gone by from a sharp drop of the previous week. The index is now not more than a stone throw away distance from hitting 10,328.”
“Nifty50 might hit 10,550 points in the coming week hence retracing about 61.8 per cent from the steep fall of January-March quarter because of availability of new immediate support between 10,155 – 10,135 levels,” said Gaurav Ratnaparkhi.
For the daily record, the index was up by 1.51 per cent and rose 152.75 points to 10,244. Nifty50 also overcome another hurdle of 100-day SMA placed at 10,093 with Friday’s Session.
Mazhar Mohammad of Chartviewindia.in said,” Support above 10,072 points on Friday, Nifty50 shall retest its recent high of 10,328 level recorded on June 08, 2020.”
Jimeet Modi, Founder & CEO at SAMCO Securities said,” The index recovered most of the last week losses and is trading at the upper range of the last three weeks.”
He said,” The occurrence of large shadows is a signal of the seller’s availability since the last two preceding weeks. The 10,100 -10,500 levels might be a strong resistance point for Nifty to score more points.”