{"id":99991,"date":"2018-11-16T00:41:31","date_gmt":"2018-11-16T00:41:31","guid":{"rendered":"https:\/\/www.bnreport.com\/trade-setup-nifty50-is-critically-poised-needs-to-top-10650-level\/"},"modified":"2018-11-16T00:41:31","modified_gmt":"2018-11-16T00:41:31","slug":"trade-setup-nifty50-is-critically-poised-needs-to-top-10650-level","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/trade-setup-nifty50-is-critically-poised-needs-to-top-10650-level\/","title":{"rendered":"Trade setup: Nifty50 is critically poised, needs to top 10,650 level"},"content":{"rendered":"

Indian stock market notched up decent gains on Thursday despite struggling with the pattern resistance area. The NSE benchmark Nifty<\/a> saw a tepid start and got stronger as the session progressed. <\/p>\n

However, the 10,650 level again proved to be a crucial resistance area, as Nifty pared some of its gains in the second half of the day. The index eventually ended with a gain of 40.40 points or 0.38 per cent. <\/p>\n

Expect a soft start to the trade on Friday and the Nifty continuing struggling with the 10,600-10,650 zone. As we approach Fridays session, there are several things to take note of. <\/p>\n

Market has been resisting to the 50-week moving average for the last several weeks. This along with the 200-DMA mark will continue to pose stiff resistance to the market ahead. <\/p>\n

Expect the levels of 10,650 and 10,695 continuing to pose resistance to Nifty going ahead. Supports may come in at 10,560 and 10,510 zone. <\/p>\n

The Relative Strength Index (RSI<\/a>) on the daily chart stood at 53.6468 and it has marked a fresh 14-period high, which is bullish. The daily MACD was bullish as it continued to trade above its signal line. Apart from a white body that occurred, no significant formations were seen on the candles. <\/p>\n

Overall, though attempting to move past the falling trend line resistance on the daily charts, Nifty has failed to clear the resistance zone of 10,600-10,650. <\/p>\n

For Nifty to extend its pullback and test the 200-DMA on the daily chart, which is 10,756, it will have to move past the pattern area resistance zone of 10,600-10,650. <\/p>\n

If Nifty fails to clear this zone, we will see market consolidating once again and the index remaining vulnerable to profit taking bouts at the higher levels. <\/p>\n

Continue to approach the market with some caution on Friday. <\/p>\n

(Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research & Advisory Services, Vadodara. He can be reached atmilan.vaishnav@equityresearch.asia)<\/em> <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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