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The Indian equity market continued on a strong trend channel from its lowest level for consecutive weeks despite weak support from global and domestic factors. The Nifty opened with an upward gap on Friday and managed to breakout from its strong resistance of 10,650 on a closing basis.
Despite a poor set of earnings announcements and truncated momentum, the index settled with a 1.21 percent gain on a weekly basis to close at 10,692 levels. It managed to stretch above 10,700 levels on an intraday basis, but profit booking at higher levels pulled the index lower. However, it signed off on a bullish note going into the May series.
Although no major formation was seen on the charts, it made a relatively bullish candlestick pattern with the white body on its daily price chart. There was no divergence in price with the weekly Relative Strength Index (RSI) level at 60, but the moving average convergence divergence (MACD) indicated a movement towards a positive crossover.
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