INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 wiped out early losses to take its winning streak to the fourth straight session on Tuesday
In the process, it formed a fresh closing high of 11,356 and formed a small bullish candle on the daily chart.
A recovery in late trade and
a shift in support towards higher levels hinted at further upside
But a host of indicators are suggesting caution
shadow, which is indicating the emergence of buying interest from the lows
The upside momentum is still intact and intraday dips are being used as a buying opportunity
Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
The index needs to hold above 11,300 to extend its move towards 11,400 and
11,500 levels, said Chandan Taparia of Motilal Oswal Securities
On the downside, major support is seen at 11,250 and 11,171 levels.
For the day, the index rose 36.95 points, or 0.33 per cent
They did not allow the Nifty50 to fall even below the crucial hourly moving averages
the eighth session when the index formed higher high and higher low
"Following this sharp upward move, Nifty is approaching the upper end of a rising channel pattern placed at 11,400
A failure to take out this resistance line can trigger profit booking to 11,240 level
away from its short-term moving averages
A mean reversion phenomenon shall kick in any time, pulling the prices back to align with their averages
said Mazhar Mohammad of Chartviewindia.in.
