Updated on 10 Feb 2017
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Market is showing resistance to move up some profit booking is expected
The benchmark Nifty50 had a better-than-expected session on Thursday, as it continued to over-stretch itself while being in the overbought territory and ended yet another day with slight gains.
At current junction the Nifty50 has traded in the overbought area and the manner in which lead indicators are getting overstretched, some corrective activity from higher levels is very long overdue.
Some corrective action in form of consolidation would be, in fact, healthy for the market to help it move higher from the current level.
The 8,830 and 8,865 levels will pose resistance to the index and supports will exist much lower at 8,735 and 8,660 levels.
The RSI, or Relative Strength Index, on the daily chart stood at 75.1939 and it has posted a fresh 14-period high, which is a bullish signal. However, we cannot ignore the fact that it is trading highly overbought. The daily MACD continues to trade above its signal line.
Pattern analysis shows amid the buoyant undertone the Nifty50 is trading highly overbought. The lead indicators are evidently overstretched and, therefore, it is clear that such ecstatic chase of the upward move can turn as corrective activities.