index has to clear one big resistance level placed at 10,930 before it heads towards 11,000 and then to fresh highs
Nifty which started with a gap-up build momentum and reclaimed 10,800 levels on Tuesday but failed to close above Monday’s intraday high of 10,850. It formed a bullish candle on the daily charts.
The index has to clear one big resistance level placed at 10,930 before it heads towards 11,000 and then to fresh highs. For bulls to remain in charge of the index, it has to hold above 10,777 levels on closing basis.Nifty, which opened at 10,816, rose to an intraday high of 10,856. It slipped to an intraday low of 10,789 before bouncing back towards 10,800 levels. It closed 55 points higher at 10,842.Nifty managed to respect previous day’s low and gradually extended its gains towards 26,650 zones. It formed a Bullish Hammer Candle followed by multiple Dojis on daily scales.breakout above 10,930 may pave the way for a retest of lifetime highs placed around 11,170 levels. Till then, markets shall remain vulnerable to bouts of volatility and breach of 10777 shall confirm short-term trend reversal in favour of bears