Market outlook : Nifty, Bank Nifty continued trading range bound, short term trend is sideways
The Nifty 50 pared most of its gains made in trade on Thursday to close around its opening level.
The Nifty 50 which opened at 10,537 rose to an intraday high of 10,618 which made a long upper shadow, but bears quickly took control and pushed the index towards 10,500, which made a long lower shadow on the daily charts.
Thursday’s price action looks slightly advantageous to bulls as they managed to close in the positive terrain
The levels of 10,580 and 10,635 will act as immediate resistance levels for the market. Supports will come in at 10,480 and 10,410 zones.
We reiterate our advice to tread the market with caution, Sell on the rally and buy on the correction within the band, which was already mentioned of 10300 to 10700.
*This material is for information purposes only and should not be constructed as an offer or solicitation of an offer to buy or sell any securities.