NIFTY BREAKING THE RESISTANCE OF 10900 AND AIMING FOR 11K
As discussed earlier in my ideas, it was said that if nifty managed to climb above 10900 marks and sustain on it that can be a strong bullish sign. On the last trading day of the week, nifty successfully closed above 10900 after having a significant correction to the level of 10600. The index has triggered the level of 10900 for the third time which resulted in sustainability and satisfying the 3-top resistance approach in the market. We can expect a bullish on the Monday market as the investor buying sentiment can be strongly built during the weekend.
The global indices are also supporting the overall bullish momentum in the global economy after vaccines produced by oxford university and the Russian pharma industry being implemented worldwide. Overall, a positive outlook is getting built among the people with respect to second wave of Covid-19. In the Indian stock market, FMCG, IT, and banking will be the sectors to look out for.
The growth of nifty price has been mentioned in three levels/phases and it is expected that it is prepared for its third bullish phase which can include breaking the crucial mark of 11K. Looking at the technical part, STOCH RSI is being extremely bullish which is a positive sign. MACD levels have also reached the neutral zone and are looking confident to climb up to the bullish levels. RSI is also showcasing positive nature with a bullish level of 70 in the market. Only a piece of negative news in the market can wake up the bears again. Otherwise, next week's opening is completely looking positive.
The global indices are also supporting the overall bullish momentum in the global economy after vaccines produced by oxford university and the Russian pharma industry being implemented worldwide. Overall, a positive outlook is getting built among the people with respect to second wave of Covid-19. In the Indian stock market, FMCG, IT, and banking will be the sectors to look out for.
The growth of nifty price has been mentioned in three levels/phases and it is expected that it is prepared for its third bullish phase which can include breaking the crucial mark of 11K. Looking at the technical part, STOCH RSI is being extremely bullish which is a positive sign. MACD levels have also reached the neutral zone and are looking confident to climb up to the bullish levels. RSI is also showcasing positive nature with a bullish level of 70 in the market. Only a piece of negative news in the market can wake up the bears again. Otherwise, next week's opening is completely looking positive.
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NIFTY reached 11k mark with a significant bullish move may face a little profit booking momentum for a while in today's market.