The Nifty moved in a narrow range throughout the trading session on Friday and made another small bodied candle on the daily charts and a 'Hanging Man' kind of pattern on the weekly charts.The Nifty consolidated in a narrow range and closed the week with a loss of 0.4 percent.
The index closed at 9,974 on Friday, but then drifted lower to close at 9,934 for the week ended September 8. However, bulls managed to keep the index above 9,900 levels throughout the week.
The Nifty index opened at 9,958 and rose marginally to its intraday high of 9963.60. It witnessed selling pressure above its crucial psychological resistance level of 9,950 which pulled the index towards its intraday low of 9,913. The index finally closed 4 points high at 9,934.
The Nifty closed at 9,934.8 on Friday. According to Pivot charts, the key support level is placed at 9,910.87, followed by 9,886.93. If the index starts to move higher, key resistance levels to watch out are 9,961.17 and 9,987.53.
The Nifty Bank closed at 24,370.8 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 24,289.47, followed by 24,208.13. On the upside, key resistance levels are 24,435.67, followed by 24,500.53.
According to Technical Analyst Prakash Gaba of prakashgaba.com, crucial support for the Nifty is at 9840 and the resistance is at 10005-10050. Bank Nifty on the other hand has support at 24100 and resistance at 24511.
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