INSUBCONTINENT EXCLUSIVE:
strong gains in previous session.
That said, positive momentum is likely to stay, as index has managed to hold onto its 100-DMA placed at
Besides, index made higher high higher low for session.
A sustained trade above 100-DMA could resume uptrend, pushing index towards 10,985
signalled a breather before next rally, said Rajesh Palviya of Axis Securities
The daily strength indicator RSI and momentum indicator Stochastic both are in a bullish mode, which are supporting upside bias, he
said.
The index stayed above its falling supply trend line by connecting swing highs of 10,985, 10,923 and 10,870 levels
It also respected its 50-DEMA.
Traders can consider any weakness, owing to profit booking, as an opportunity to create fresh long positions
as long as long as index sustains above 10,777, said Mazhar Mohammad of Chartviewindia.in
The expert sees initial target for Nifty as 10,985.
