INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 made a fresh record closing high of 11,278 on Friday and formed a bullish candle similar to the 'Bullish Marubozu'
pattern on the daily and weekly scales.
The gains seen on the first day of the August FO series and the fact that the daily strength
indicator is still away from the overnight zone may instil further confidence among traders
Nagaraj Shetti of HDFC Securities
rose 111.05 points, or 0.99 per cent, to close at 11,278.35
It has been making higher highs and higher lows for last six sessions and has formed a bullish Candle similar to a Bullish Marubozu on the
daily as well as weekly charts, which indicates complete dominance by the bulls, said Chandan Taparia of Motilal Oswal Securities
On charts across timeframes, including weekly and monthly, things are looking promising with a robust bullish candle formation
This is where the index may encounter resistance on the long-term charts, said Mazhar Mohammad of Chartviewindia.in.
He advised traders to
initiate fresh buys around the 11,210 level on dips, with a stop loss below 11,100 on a closing basis
Shetti said any dip towards 11,150 should be bought into.
