The Nifty50 after opening sharply higher above psychological 11,400- stock market extended rally to move near its intraday record high and finally ended at record closing high on Friday, driven by broadbased buying.
The index formed bullish candle on the daily candlestick charts as well as weekly scale. It closed half a percent higher for the truncated week.
The broader markets also participated in the rally today with the Nifty Midcap index rising over a percent while all sectoral indices ended in the green with Nifty Bank, FMCG, Metal and Pharma rising 1-2 percent.
The Nifty50 started off session above 11,400 levels at 11,437.15 and rallied further during the day to touch an intraday high of 11,486.45 but failed to reclaim its intraday record high of 11,495.20 seen on August 9. The index ended at record closing high of 11,470.75, up 85.70 points.
Volatility in the market has again started coming down from the proximity of 14 percent. Today the India Volatility Index fell by 3.48 percent to 13.17.
According to Pivot charts, the key support level is placed at 11,439.57, followed by 11,408.33. If the index starts moving upwards, key resistance levels to watch out are 11,494.27 and 11,517.73.
The Nifty Bank index closed at 28,128.55, up 302 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,995.54, followed by 27,862.47. On the upside, key resistance levels are placed at 28,219.93, followed by 28,311.27.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 42 points or 0.37 percent. Nifty futures were trading around 11,520- level on the Singaporean Exchange.
The index formed bullish candle on the daily candlestick charts as well as weekly scale. It closed half a percent higher for the truncated week.
The broader markets also participated in the rally today with the Nifty Midcap index rising over a percent while all sectoral indices ended in the green with Nifty Bank, FMCG, Metal and Pharma rising 1-2 percent.
The Nifty50 started off session above 11,400 levels at 11,437.15 and rallied further during the day to touch an intraday high of 11,486.45 but failed to reclaim its intraday record high of 11,495.20 seen on August 9. The index ended at record closing high of 11,470.75, up 85.70 points.
Volatility in the market has again started coming down from the proximity of 14 percent. Today the India Volatility Index fell by 3.48 percent to 13.17.
According to Pivot charts, the key support level is placed at 11,439.57, followed by 11,408.33. If the index starts moving upwards, key resistance levels to watch out are 11,494.27 and 11,517.73.
The Nifty Bank index closed at 28,128.55, up 302 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,995.54, followed by 27,862.47. On the upside, key resistance levels are placed at 28,219.93, followed by 28,311.27.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 42 points or 0.37 percent. Nifty futures were trading around 11,520- level on the Singaporean Exchange.
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