The domestic benchmarks rose on Friday to log in their longest weekly winning streak led by Index Heavyweight Reliance Industries, while optimism was renewed on stable foreign flows and a potential India-US trade deal.
Nifty 50 0.05% more closed at 24,346.7 and BSE Sensx rose 0.32% to 80,501.99. Both benchmark sessions already increased by about 1%.
The Nifty rose 1.3% this week, while Sensex added 1.6%, marked their third straight weekly advantage.
The Nifty continued. This is the upper rally for the third straight week that has been almost a vertical growth, the possibility of some consolidation cannot be dismissed before the next major directional move. The Nifty hovering between the range of 24,000 to 24,600, while it would be important to catch the negative side of 23,800 levels to maintain its rapid accent; 23,400 may increase a violation with the next major support, with the next major support near 23,400-where major moving averages such as 20-day, 100-day and 200-day EMA are still supporting.
On the other hand, a decisive brakeout above 24,400 can re -deepen on the basis of closing. motionPotentially inducing the index of 24,800 points.
The bank continues to show consolidation after a vertical growth, supporting the relative power, above the major moving average even after booking the benefit of initial growth. While some consolidation can be seen in the banking index, the broad tone remains optimistic. After a sidewalk step, if we see more improvements near 52,800–53,700 levels, buying interest is expected to emerge with an inverted capacity of 55,500-57,000.
Given the current scenario, it is advisable to maintain a positive attitude with a preference for the strategy “buy on dips” strategy and in the index. Meanwhile, selective stock-hiking opportunities continue to emerge with specific preferences of the area. Therefore, attention should be on identifying shares with favorable risk-inam setup.
