INSUBCONTINENT EXCLUSIVE:
onsecutive day, suggesting emergence of buying interest at intraday lows.
This was supplemented by a the formation of higher high and higher
low pattern on the daily chart, which is a positive signal
Some analysts believe the index has not yet formed its short-term bottom and the ongoing momentum may not sustain for long.
For the day,
the index rose 52.20 points, or 0.45 per cent, to close at 11,589
buying at lower levels, there is still a higher possibility of Nifty forming lower tops for the near term
Hence, the current upward move is unlikely to sustain for long
As per weekly timeframe chart, the Nifty50 has formed a long bear candle with a long lower shadow
wider and the bulls could aim to get past the 11,700 level
That said, it would be early to conclude that the bottom is in place, said Mazhar Mohammad of Chartviewindia.in, who advised traders to book
profit around the 11,680 level
He advised traders to place a stop loss at 11,470.
The index needs to hold above 11,550 to extend its bounce towards 11,620 and then 11,666
On the downside, supports are seen at 11,500 and 11,450 zones.
