DAILY MARKET UPDATE REPORT : Nifty in the opening hour traded with positive bias but witnessed selling pressure in the latter half of the session which dragged Nifty to close in red. On the daily chart, we are observing that prices came very close to the 100-daySMA (10298) by making a high of 10291 and faced strong resistance to form a bear candle. Hence from current level we may see a consolidation or minor correction. In coming trading session if Nifty trades below 10000 level then it may test 9900 – 9800 levels. On the upside, 10200 – 10350 levels may act as resistance for the day.
We maintain our stance that for current week 9900 remains crucial support and as long as Nifty holds the mentioned level there is high probability that Nifty may test 10328 – 10500 levels in couple of days.#nifty