In the previous session, the Nifty index opened on a positive note and made a high near 18175 level. Later we saw consolidation on the higher side throughout the day. The Index formed a Doji Candle on the daily chart and closed with a net gain of 133 points. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Indiamart Intermesh Ltd.

INDIAMART stock price is consolidating since few days near 4630-4640 levels. In today’s session stock retested the same level and is currently moving near the neckline. This zone has now become an important resistance for the stock. In the previous session, stock retested the same level with positive momentum but didn’t close above the break out zone. The Relative Strength Index (RSI) on the daily chart is 61, indicating bullishness. A move above 4640 will indicate the fresh buying in the stock.

In short, the trend for INDIAMART looks to be positive for now. Positions can be created only above 4640 levels, which can take prices towards 4750/4880 levels. If the price will sustain above 4880 levels, then we will review this stock again.

Check More Analysis on INDIAMART at: Indiamart Intermesh Ltd.