NEW DELHI: Nifty50 on Tuesday extended its gains into fifth consecutive session.
The index saw a strong recovery in late trade to end up forming a Hammer candle on daily chart, which suggested that bulls were in no mood to cede't o bears.The index has sent out a buy signal and could move in 10,920-10,985 range in coming days.As long as index holds above 10,777, overall bias may remain positive to rangebound, while a decisive move above 10,985 could start fresh upward move towards 11,176 level, said Chandan Taparia of Motilal Oswal Securities.For day, 50-pack rose 47.55 points, or 0.44 per cent, 10,910.
Near-term oscillators have triggered a buy signal.
A strong close above 10,920 could see Nifty testing 10,950- 11,100 zone over next few sessions, said Arun Kumar, Market Strategist at Reliance Securities.Subash Gangadharan of HDFC Securities believes bulls are under control.
Upsides are likely once immediate resistance at 10,924 is taken out.
A crucial support to watch for any trend reversal is at 10,807, Gangadharan said.