Mumbai, 8 June (IANS). The main index Nifty and bank Nifty, the main index of the Indian stock market, have closed with a positive attitude this week and remain above their important support levels. This information has been given in a broking report released on Sunday.
The latest weekly report of Choice Broking said that Outlook Sideway to Bulish remains for the coming business sessions and analysts said that the strategy of purchasing at such a time will be correct.
The Indian stock market has been excellent in the trading session from June 2 to 6 and the markets closed rapidly after two consecutive weeks fall. During this period, the Nifty rose 252 points or 1.02 percent to close at 25,003.05.
The report stated that the index managed to shut down above 25,000 points, indicating growing strength and possible boom in the near future.
According to Choice Broking, the Nifty remains over 20 days, 50 days and 200 days of moving averages, which shows that the market remains uptrend.
At the same time, the Relative Strength Index (RSI) is at 60.94, which gives more support to the feeling of rapid. If the Nifty turns above 25,100, new purchases can start and the level of 25,300, 25,500 and 25,700 can also be seen in the main index of the National Stock Exchange (NSE) in the coming weeks.
The important support level for Nifty is 25,000 and 24,800.
This week was also very good for the Nifty Bank and during this time the main banking index rose 1.49 percent to close at 56,578.40.
The report stated that the index is trading near record height and the support of strong volume is continuously strengthened above the level of 56,500.
Choice Broking advised that the trading range will be between 56,000 and 57,500 in the coming week. The support can be at 56,500 and 56,000, while the obstruction levels are expected to be around 57,000 and 57,500. HDFC Banks can support the boom in stock banking sector like Axis Bank and SBI.
-IANS
ABS/
