INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 reclaimed the 10,700 level on Friday to settle above its 50-day moving average
daily timeframe charts, the formation of a long bull candle after a gap-up opening indicates the possibility of some more upward move in the
long lower shadow on the weekly timeframe chart, which indicates negative bias
At the same time, the formation of a long lower shadow signals emergence of buying interest at low levels
the day, Nifty50 surged 125.20 points, or 1.18 per cent, to 10,714
The index went on to erase around 62 per cent of the losses that it had suffered in the previous two sessions.
If Nifty continues to show
futures trade at a discount to spot prices, they are either suggesting lack of conviction about sustainability of this rally or building up
of short positions at higher levels
Taparia of Motilal Oswal Securities said as long as Nifty50 holds above 10,660, it can extend its gains towards 10,770 and 10,835 levels
On the downside, supports are seen at 10,660 and 10,620 levels, he said.
