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The Nifty index witnessed a staggering leap during the past session to register a record high level after breaching its crucial psychological level at 10,650. It closed the session at 10681 levels on Friday with the weekly upside of 1.16 percent.
After an initial gap-up opening on the last trading session, the index witnessed a marginal consolidation but managed to pull back to hit fresh record highs with strong vindication for bulls regime.
Despite slipping marginally on Wednesday to form a “Hanging Man” kind of a pattern, the index rebounded on Thursday to form a small bullish candlestick pattern which was aided on last closing session to form a strong bullish candlestick pattern on its weekly price chart.
Thus with positive cues on trend channel, it is likely to keep the uptrend momentum. Further secondary momentum indicators remain on a positive trajectory with RSI level at 69.8 coupled with strong support from MACD.
Based on Fibonacci Retracement, currently, the index is trading above all the level with major support at 10493 level and immediate resistance level at 10690.
With volatility regime ahead of earnings season and budgetary outline, it will be advisable to trade with caution with strict stop-loss.
The upcoming session is expected to be on the range-bound level at 10750 on upside and 10480 on the downside and any slip below this level should be buying opportunity.
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