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Indian stock markets open higher on global optimism; Nifty maintains narrow range amid technical indicators
Image: Wikimedia Commons

Indian stock markets open higher on global optimism; Nifty maintains narrow range amid technical indicators

| @indiablooms | 10 May 2024, 05:09 pm

Mumbai: Domestic benchmark indices opened higher on Friday, buoyed by strong global cues.

However, Nifty traded within a narrow range throughout the day and settled at 22055.

Technically, on the weekly scale, the index has engulfed last week's doji candle, indicating weakness.

However, On the daily chart, the index formed an inside bar candlestick pattern. Thus, if the index manages to hold yesterday's low of 21,932, a pullback is possible, but it could be used to book profits.

Last month, the index found support around 21,780 levels, and the 100-Days Exponential Moving Average (DEMA) is placed near 21,820.

“Therefore, on the downside, 21,780-21,820 will act as the next key support for the index. On the upside, the 21-Days Exponential Moving Average (21-DEMA) is positioned near 22,335, which will serve as a major hurdle,” noted Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

The Bank Nifty opened on a positive note and registered a high of 47868, but due to severe selling pressure, it concluded the day on flat to negative at 47421.

Technically on a weekly scale, last week the index formed a shooting star candlestick pattern, which was followed by bearish engulfing this week, indicating weakness, Sharma added.

As long as the index remains below 48,000, ongoing weakness will continue, according to Sharma.

“On the downside, the next key support for the index is placed near 47,055 levels, where the 100-Days Exponential Moving Average (DEMA) is positioned,” underscored Neeraj Sharma.

On the flip side, if Bank Nifty sustains above 48,000, then a relief rally to 48,300-48,500 is possible, emphasised Neeraj Sharma.

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