NIFTY Mildly Penetrates The 50-Week MA; Moving Past These Levels is Necessary For A Sustained Up-Move

Jan 12 02:01 2019 Print This Article

It was a volatile end to the week as the NIFTY index oscillated in a 100-point range on Friday, finally settling with a modest loss after rebounding from the lower levels. Just like the week before, no major downsides were seen. The NIFTY just barely managed to pierce the 50-Week MA, which is currently at 10748. After oscillations in a defined range, the headline index NIFTY50 ended with modest gains of 67.60 points (+0.63%) on a weekly basis.

The market continues to remain poised at a critical juncture. Despite exhibiting buoyant undercurrents, it continues to struggle to move past the important level of 10940, which is a lower top that was created couple of weeks back.

We expect a neutral start to the week. NIFTY is expected to inch higher, provided that it manages to move past a few critically important levels on the daily charts. The coming week is likely to see the levels of 10900 and 10975 playing out as important resistance areas. Supports will come in at the 10710 and 10600 marks.

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