INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 on Tuesday climbed half-a-per cent to take out its immediate hurdle at 11,130 level to open doors for potential
upside towards its record intraday high of 11,171.
However, some analysts said the ongoing momentum of the market may slow down a bit in the
For the day, the index rose 49.55 points, or 0.45 per cent, to end at a record closing of 11,134
It formed a small bullish candle on the daily chart and a higher high-higher low formation for the third consecutive session
It is now on its way up to hit a fresh all-time high above the key overhead resistance of 11,171 hit on January 29, 2018
Securities.
Chandan Taparia of Motilal Oswal Securities said the index managed to hold above its breakout zone and moved towards its
lifetime time high of 11,171 and 11,200 levels.
On the downside, immediate supports are seen at 11,050 and 11,000 levels, said Chandan
Taparia, Motilal Oswal Securities.
While a slowdown in the rally looks imminent, if it does materialise, blame it on Bank Nifty.
Mazhar
Mohammad of Chartviewindia.in said the price behaviour of Bank Nifty, which accommodates some of the heavyweights of Nifty50, shows it is
still struggling inside the nine-day-old congestion zone, without any breakout.
"It looks prudent for short-term traders to book profit and
stay on the sidelines till more clarity emerges on upside strength
strength index (RSI) is still in the bullish territory affirming strength in Nifty
