INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty on Monday broke above its 50-day and 200-day moving averages and ended closer to its upper end of the 10,710-10,780
The index made higher lows for a fourth straight session, indicating the supports were shifting higher.
The index made a 'Bullish Hammer'
candle on the daily chart and is now believed to find its next resistance at the 10,850 level, sooner than later.
The Nifty is now
On the lower side, 10,750-10,700 are likely to act as supports in the near term
added.
On Monday, the index rose 81.20 points, or 0.76 per cent, to 10,763.40
couple of sessions the index is witnessing follow through of a bullish breakout of an Inside bar pattern formed on the daily chart
Also the daily Bollinger Bands are now in expansion mode after a contraction phase, which is creating room for the price action on the
closed above its crucial moving averages; the market breadth was positive, and the near-term indicators are in buy mode.
The gap will be
filled at 10,845 and this level is going to be a near-term overhead resistance for the market, said Nagaraj Shetti, Technical Research
Analyst HDFC Securities.
Traders can now look for stock-specific opportunities, as the broad-based momentum can pick up only on a close
