INSUBCONTINENT EXCLUSIVE:
The index also formed higher highs and higher lows for the ninth session in a row
There could be a pause in the ongoing momentum and the index might trade sideways in the coming sessions
is slowing, said Chandan Taparia of Motilal Oswal Securities
He said the index needs to hold above 11,300 for any upside towards the 11,400- 11,435 zone
During the day, the index hit a high of 11,390 before witnessing strong volatility in an eventful day
The index eventually closed 10.30 points, or 0.09 per cent, lower at 11,346
The underlying uptrend is still intact and buying could emerge from the lows on any minor correction or consolidation in the coming
sessions, he said.
Mazhar Mohammad of Chartviewindia.in said muted response of the bears to the RBI policy outcome suggests there may not be
extremely overbought zone, as the market has relentlessly rallied for the past nine sessions
Once this corrective and consolidation phase gets over, the Nifty50 can be expected to resume its upward move with initial targets placed
On the hourly chart, the Nifty50 faced resistance near the upper end of the dynamic rising channel and is approaching the lower channel
