The S&P BSE Sensex rallied over 350 points in mid-morning trade on Friday, backed by strong global cues and is trading above its crucial psychological level of 19,000.
The Nifty opened with a gap-up and climbed past important resistance of 5,750 on the back of strong gains index heavyweights ONGC BSE 1.54 % and Reliance Industries after the Cabinet Committee on Economic Affairs (CCEA) approved of hike in price of natural gas.
At 11:20 a.m.; the 50-share index was at 5,786.20, up 104.85 points or 1.8 per cent. It touched a high of 5,794.70 and a low of 5,749.50 in trade today.
The S&P BSE Sensex was at 19,231.04, up 352 points or 1.8 per cent. It touched a high of 19,251.35 and a low of 19,093.18 in trade today.
Senior Technical Analyst Somil Mehta Said, "The Nifty is expected to head lower till 5632. In this period it will find a key support at 5632 and face resistance at 5710".
Further it is also added, "The Nifty has been facing resistance around the 40-DMA and the 20-DMA, and been forming lower tops and lower bottoms on the daily chart".
Live Nifty and Bank Nifty Levels:
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5650
SUPP 2: 5585
RES 1: 5785
RES 2: 5850
CH BANK NIFTY TREND – CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11040
SUPP 2: 10900
RES 1: 11450
RES 2: 11710
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