Nifty slipped below the 10,850 level on Thursday. Indian equity market has entered a prolonged consolidation phase, as the NSE benchmark
Though the market saw decent recovery from the low point of the day, the Nifty still ended 48.65 points or 0.45 percent lower.
Nifty futures turned into a premium, as the index saw good recovery from the low point of the day. There was a clear indication that short covering happened from the lows of the day.
We predict Friday’s session, we expect a rangebound trade and 10,850 continuing to be a critical level, which may pose formidable resistance to the Nifty.
The session will see the levels of 10,850 and 10,885 acting as an immediate resistance area. Supports may come in at 10,765 and 10,740