INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 continued its march into fourth straight day on Wednesday
In process, it formed a High Wave candle on weekly chart, suggesting that intraday decline got bought into.
While buying support is visible
at lows, traders look indecisive at higher levels, as they once again failed to capitalise on opening gains
Strength indicator RSI and momentum indicator Stochastic are in bullish mode, which suggests an upward bias
Any decisive move and close above this level will indicate an upward breakout and index may scale 10,940-11,000 zone in near term
The closing level was lower than opening level, resulting in a bearish candle for day
The index has been is facing a hurdle at its immediate supply trend line that connects swing highs of 10,985, 10,923 and 10,880, said
Chandan Taparia of Motilal Oswal Securities.
Nifty is placed on edge of upside breakout of triangle, said Nagaraj Shetti of HDFC Securities,
who expects a sustainable move above 10,900 to trigger a strong upside in market
Taparia says a break above 10,985 can trigger further upside.
On a broader basis, Nifty is still trading inside a contracting structure and
traders are advised to remain cautious and wait for a proper breakout above 10,923 level on a closing basis, said Mazhar Mohammad of
