INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 took out a near-term hurdle at 10,740 on Wednesday and formed a long bullish candle on the daily chart, suggesting
that the bulls are gaining ground gradually.
The 10,810-850 range is now posing a near-term hurdle for the index
The 50-pack index rose 70 points, or 0.65 per cent, to close at 10,769.
During the session, the index received support from its crucial
for last few sessions is still on
The index can form a distribution triangle
Senior Technical Analyst at Sharekhan.
At close, the index was close to its falling supply trendline by connecting the swing highs of 10,893
and 10,837 levels, said Chandan Taparia of Motilal Oswal Securities
the equilibrium line and turned on the upside, which is usually considered a bullish signal.
The failure to cross the 10,800 level can
trigger minor profit booking in the coming sessions, warned Aditya Agarwala, Technical Analyst at YES Securities.
Nagaraj Shetti of HDFC
The taking out of the key overhead resistance at 10,740 level (previous lower consolidation range, as per the concept of change in polarity)
could be a small cheering factor for the bulls, he said.
