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New Update
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By a staff reporter:
Yesterday Nifty gave a second consecutive strong bullish bouncing session formed an Engulfing green Candle supported by 13EMA @ 17640 & cluster of moving averages whose range are 17690-17720.
Low made was 17640 so bulls were able to protect the range and did all targets on upside.
Nifty High 17833 & closed at 17822, day to day basis up 131 points or 0.74%.
Buying in IT, select banking & financials, and auto stocks supported the market.
After Last Friday’s Doji & Hammer kind of small indecisive candle & that was the 1st indication of reversal and in last 2 days Nifty not only bounced 61.8% retracement hurdle i.e. 17760 but also closed just below 78.6% retracement level i.e. 17845 mark against the previous week 500 points fall from 17950 to 17450 .
As per daily chart the benchmark has formed higher high and higher low formation that implies continuation of the uptrend but subject to cross & sustains above 17850/900 mark for further uptrend.
On the Upside :-
Fresh Swing Longs can be initiated only above 17851 for a move towards 17881—17927—17955 & then as break out & Extended basis 17985-18048.
As per daily chart the benchmark has formed higher high and higher low formation that implies continuation of the uptrend but subject to cross & sustains above 17850/900 mark for further uptrend.
On the Upside :-
Fresh Swing Longs can be initiated only above 17851 for a move towards 17881—17927—17955 & then as break out & Extended basis 17985-18048.