The equity market continued to remain in a consolidation phase throughout the week despite soaring to record high levels on an intraday basis but failed to sustain.
It managed to rebound from last week’s rangebound trading to close above its crucial support level seen at 9,600-9,650. The momentum during this week’s trading was driven by few specific stock rather than the broader market, which safeguarded the downward spiral.
The Nifty on Friday closed with a marginal negative trajectory to close at 9,665 level but gained on a weekly basis with nearly 2 percent.
On the daily chart, Nifty formed a long bullish candlestick pattern, which indicates a bigger rally to trigger ahead of Q1 earnings disclosure. With the possibility of a breakout from either side ahead of earnings data, the market will have sideways exposure.
If it breaks out at 9700 on a closing basis, momentum may take the rally up to 9800 to 9950 level on a shorter term. The RSI of Nifty currently stands at 62 which indicates a positive trend as Nifty prepares to price positively to the aftermath of GST effect.
On the basis of EMA, a broad range we see markets hovering between 9,450 on downside and 9,800 on the upside.
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