The Nifty 50 closed higher for the second consecutive session and decisively crossed its crucial 10,650 resistance level on November 16. Positive global cues and appreciation of the rupee supported the market.
The index remained in a positive terrain throughout the session and closed 65.50 points higher at 10,682.20. On the weekly basis, the S&P BSE Sensex and Nifty 50 rose around 0.9 percent each for the week ended November 16.
The index formed a bullish candle on the daily charts and Hanging Man kind of pattern on the weekly charts.
According to Pivot charts, the key support level is placed at 10,643.87, followed by 10,605.53. If the index starts moving upwards, key resistance levels to watch out are 10,707.87 and then 10,733.53.
The Nifty Bank index closed at 26,245.55, up 90.80 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 26,134.53, followed by 26,023.46. On the upside, key resistance levels are placed at 26,344.73, followed by 26,443.87