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The Indian equity market inched higher on Friday on positive sentiment, closing above its crucial levels. Amid developing geopolitical tension in Middle East countries, the Nifty firmly breached the 10,780 hurdle on a closing basis, led by metal, energy and banking stocks.
The Nifty, which opened gap-up, hit a low of 10,724 post opening. However, buying towards the closing hour took the index to higher levels, breaching its past rangebound level. The index closed at 10,806 levels on Friday with a weekly gain of 1.77 percent.
It witnessed a positive breakout on the secondary channel and formed a relatively bullish candlestick pattern on its weekly price chart. It further signalled positive strength with its weekly relative strength index (RSI) placed at 62, surpassing its previous level.
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