INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 reclaimed the 10,550-mark in a lacklustre trade on Thursday
to consolidate around the prevailing levels and face tough resistance at 10,580 in the extreme short term.
For the day, Nifty50 rose 39.10
points, or 0.37 per cent, to close at 10,565.30.
This was probably the thinnest single day range in last many months, said Sameet Chavan of
Angel Broking.
"We continue to expect Nifty making an effort to re-enter the strong resistance zone of 10,580-10,640
On the lower side, 10,546 followed by 10,495 would be seen as a crucial support
Only a sustainable move below this level may halt the rally
Till then, the index may continue gyrating within a range of 10,495-10,640," Chavan said.
The formation on the daily chart was similar to
"It also resembled Harami Cross - a two candlestick pattern, which requires the first day to be a bullish candle body
momentum indicator Stochastic has turned negative from overbought zone indicating a slowdown in the upside momentum, said Rajesh Palviya,
