Short term trend is still positive after Friday’s selloff as long as Nifty50 stays above 18000: Rupak De

The benchmark Nifty index ended the week with losses, erasing most of its gains, due to bears returning to the market. A profit-booking scenario around 18,200 led to Friday’s fall and took the Nifty back to the previous week’s close. However, the short-term trend will remain positive as long as the index stays above 18,000, and a fall below this level may take it into the consolidation zone of 17,500-18,000. The consumer durable sector witnessed a strong breakout, while some banks fell following HDFC Bank and HDFC Ltd merger updates.

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