INSUBCONTINENT EXCLUSIVE:
The index broke out of a downsliping trend and closed above the 10,850 level
It ended up forming a Hanging Man-like pattern on the day chart.
The index surpassed its falling supply trend line formed by connecting the
swing highs of 11,171, 10,929, 10,837 and 10,816 levels, but needs to show more strength to put the bulls in the driving seat.
If it holds
above 10,777, Nifty can extend gains towards 10,888, said Chandan Taparia of Motilal Oswal Securities
Supports are seen at 10,770 and 10,720 levels, he said.
For the day, the index rose 80.25 points, or 0.74 per cent, to 10,852
After showing a sideways rangebound movement over last few weeks, if Nifty manages to move above the 10,850-900 range in the next few
Securities.
Multiple technical parameters are slowly tilting in favour of the bulls with a fresh buy signal on the daily MACD chart
long as the Nifty50 trades below 10,893 level, to culminate the corrective structure in the form of a contracting triangle with a higher
breakout, opening the doors for retest of the lifetime highs placed around the 11,171 mark, Mohammad said.
