Indian Indices Witnessing Selling Pressure During the Week

The Nifty 50 Index ended the week on a negative note. It opened the session gap up on Monday and continued the momentum until the next session's open, where it found heavy selling pressure and slipped lower sharply.

The bears continued to dominate for the rest of the week. The index posted three red candles to finally end the weekly session 0.73% down.

Last week, we mentioned that the gap area placed at the 10,750 level will act as an immediate resistance level for the index. This is what happened.

Although it traded above the gap area, it couldn't sustain it even for an hour. It immediately slipped lower and traded with a negative bias.

Now the index is approaching the 10,400 - 10,500 zone. This zone which acted as a resistance on the way up will now act as a support for the index.

It will be interesting to see how the index reacts at this support zone. Stay tuned, we'll keep you posted.

To know more about what's happening in the global and Indian stock markets, you can read the detailed market update here...

Nifty 50 Index Trades on a Negative Note
Nifty 50 Index Trades on a Negative Note 

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