Nifty Index Snaps Back Below 10,800 Level

The Nifty 50 Index ended the week on a negative note. On Monday, it opened the session higher but traded on a tepid note to end the session flat. Next day, the index traded with volatility on back of Karnataka election results. It touched a high of 10,929 and slipped lower to end the session in the red. The bearish momentum continued for the rest of the week. Finally, the index ended the weekly session 1.73% down.

Last week, we saw the index closing above the gap area placed near 10,800 which was an immediate resistance level. Although the Karnataka election buzz pushed the index to 10,929, it did not sustain up for long. It immediately slipped back below the gap area which indicated weakness in the Indian indices.

Now the index is approaching the support zone of 10,400 - 10,500. The zone which acted as a resistance on the way up might now act as a support.

So it will be interesting to see if the index can find ground near 10,400 - 10,500 zone or will the bearish momentum lead to break the support zone.

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 Witnesses Selling Pressure
Nifty 50 Index Witnesses Selling Pressure 

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