INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty on Wednesday advanced and formed a bullish candle on the daily chart
This was a slight relief for the index, which formed back-to-back bearish candles in last three sessions
But analysts were not enthused.
The daily chart suggests the index has support near the lower end of the Wedge Pattern and bounced
therefrom.
On the hourly chart, the index has retraced 61.8 per cent of the recent fall, which is near 9,200 level, said Gaurav Ratnaparkhi,
The 9,230 and 9,300 levels will be the subsequent hurdles on the upside
On the other hand, the 8,950-8,900 range now becomes a crucial support area for Nifty in the near term," Ratnaparkhi said.
For the day, the
attempt by the bulls to clear its logical resistance at the 9,390 level
breach of the 8,900 level with an initial target of 8,450
On the upside, once the index sees a decisive close above 9,400, a fresh leg of upswing will unfold with targets placed around the 9,950
near 9,075 level, followed by 9,000 level while resistance comes near the 9,280-9,400 zone," said Rohit Singre, Senior Technical Analyst at
