Experts Are Of View That Nifty50 Forms Bullish Candle
Despite weak global cues, the Nifty50 managed to settle above its immediate support level at 10,240. The analysts informed that the index made a bullish candle on the daily charts. It is expected to face immediate resistance at 10,276, and later around its 50-day moving average of 10,360. Veteran analysts also told that the index may find support near the 10,140 level.
few analysts are of the view that the index has managed to close near its falling supply trend line by connecting the swing highs of 10,631, 10,478 and 10,250. However, now, it has to hold above 10,222 to extend its upmove towards 10,276 and 10,333 levels. According to the analysts, the supports are seen at 10,180 and 10,141.
For the day, the Nifty50 rose 33.20 points, or 0.33 per cent, to close at 10,245. The index tested its 200-day moving average during the session. On the daily chart, it made higher high and higher low for the second straight session.
The bulls have approached the supply line of a 22-day-old downsloping channel, whose value is placed around the 10,240 mark. If they manage to successfully negotiate this resistance point with a sustainable breakout, a new target towards 10,600 is likely.