INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 climbed over 700 points on Tuesday and ended near the 7,800 mark
In the process, the index formed a large bullish candle on the daily chart
Analysts said the index needs to cross the 8,360 level for an initial target above the 9,040 level.
During the session, the index saw a
breakout above its Inverted Head - Shoulders formation on the daily line chart, which is an encouraging sign.
"Moreover, the index closed
above its 13-day EMA at 8,657, which acted as a resistance point in its recent rise towards the 9,038 level
Hence, sustaining above the 8,360 holds key," said Mazhar Mohammad of Chartviewindia.in.
For the day, the index settled at 8,792, up 708
points or 8.76 per cent.
On the hourly chart, the index has crossed the falling trendline, retested it and took a leap towards the 8,800
