Nifty facing resistance at 10500 levels, intermediate trend remains down
Nifty index continued the formation of higher highs and higher lows, but had a roller-coaster ride.
Market lost all the gains on the second half, which indicates that the bears are active at higher levels to push the index.
Nifty managed to cross previous week’s high of 10441, but faced a hurdle near its high or 50 DMA level.
If the nifty fails to hold the 10380 in today session, then weakness emerge and direction open toward the level of 10333-10276 and resistance at 10525-10600-10630.
Bank Nifty continued its gains, but had as volatile move as it corrected from 25000 to 24600 midway through the session.
If bank nifty hold above 24500 to witness an up move towards 25000 – 25200 -255500 and major support exist at 24500-24350-24200-24100.