The Nifty which opened with a slight gap on the upside on Thursday witnessed selling in opening trade but bulls manage to bring back the index near its opening levels making a ‘Hammer’ like pattern on the daily charts.
The Nifty index managed to hold its immediate support of 9,850 and headed towards 9,925 mark which is an important resistance level for the index. The Nifty closed above 9,900 zones and gave a highest daily close in the last 15 trading sessions.
Asia markets were subdued in early Friday trade as investors awaited the release of manufacturing activity data from China. Japan’s Nikkei 225 rose 0.29 percent in early trade.
Wall Street ends higher post economic data
The US stocks closed higher as investors reacted to economic data and took cautious hope from Washington’s latest promises for long-awaited details of a tax reform plan.
The S&P 500 has been building momentum this week, notching five days of gains for the first time in three months as investors showed confidence a day after the benchmark closed above its 50-day moving average.
The Dow Jones Industrial Average rose 55.67 points, or 0.25 percent, to end at 21,948.1, the S&P 500 gained 14.06 points, or 0.57 percent, to 2,471.65 and the Nasdaq Composite added 60.35 points, or 0.95 percent, to 6,428.66.
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