INSUBCONTINENT EXCLUSIVE:
The bulls on Dalal Street took the Nifty higher for the second straight session on Wednesday
During the day, the index not only crossed its short-term 20-day moving average, but also went higher to kiss the 200-DMA at 10,752 level
The index hit an intraday high and low of 10,752 and 10560, respectively, before closing just shy of the 200-DMA at 10,737
During the process, the index again formed a strong bullish candle, indicating a strong upward move
However, other lead indicators remained neutral during the session
Arun Kumar, Market Strategist at Reliance Securities, said the index tested its long-term average of 10,750 with ease
One has to tread with caution and strictly follow their trading plans
VIX eased 10 per cent to 16.13 level
It has seen a sharp cut of over 20 per cent in last two sessions, which suggests the bulls are now getting a grip on the market with the
expectation of limited downside.
Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory said the market is likely to see
some consolidation on Thursday
