INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 jumped in late trade on Tuesday and eventually formed a bullish candle on the daily chart
With the advance-decline ratio still in favour of the bears, upsides, in any, remained vulnerable to selloffs
The index may need to move past the 11,710-61 range to instil confidence, said analysts.
The index formed an 'Inside Bar' for the day, said
Gaurav Ratnaparkhi of Sharekhan, who added that sideways trading over the past few sessions has taken the form of a distribution triangle on
Thus the 11,680-11,710 range seems to be a high probability area to initiate a fresh short position
A reversal of the bearish stance can be assumed above the recent high of 11,761
11,700, it may scale up in the 11,750-11,780 range
For the day, the index rose 67.45 points, or 0.58 per cent, to 11,671.
Mazhar Mohammad of Chartviewindia.in said a bullish candle on the
generated a sell signal in the last session, pointing towards fading momentum on the upside
While selling pressure may not get accelerated unless Nifty breaches the 11,549 level, upsides look limited unless the bulls manage a
