INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 on Monday formed a small bullish candle on daily chart
The index managed to hit highe st level in four weeks in intraday trade, despite weakening market breadth.
Market breadth needs to improve,
so does performance of trailing Nifty Bank, for any sustained up move.
For day, headline index rose 54.90 points, or 0.50 per cent, to
10961.85.
Nifty has broken above its trading range, which augurs well for uptrend to continue, said Subash Gangadharan of HDFC Securities
reversed and that Nifty Bank index will play a vital role, if Nifty has to stay higher
The index managed to surpass last four weeks high, which was acting as a sturdy wall of late
However, market breadth remained weak throughout day, which was quite surprising to us
Reliance Industries single-handedly contributed 80 per cent to Nifty gains
Gaurav Ratnaparkhi of Sharekhan believes that index can head towards 11,000-11,070 in order to complete last leg of Ending Diagonal
indicator RSI and momentum indicator Stochastic both are in bullish mode, which supports upside bias, said Rajesh Palviya of Axis
