INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 on Tuesday topped the 11,300 level and formed a bullish candle on the daily chart
This was the second straight session when the index had a gap-up start
strength index has moved above the 70 level, suggesting the index is in overbought territory
It is also moving above all of its key moving averages
The index surpassed its resistance trend line of the sideways channel and formed a bullish candle
A follow-up rally could continue its extended momentum
11,301.20, up 133.15 points, or 1.19 per cent.
The sharp upmove appears to have brought the index into overbought zone on the lower time
oscillators are in overbought zone, one can keep a running stop loss below 11,150 levels and ride the ongoing rally till a reversal signal
is in place, said Arun Kumar, Market Strategist at Reliance Securities.
