INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 staged a smart rebound on Monday to settle above the 10,250 mark, forming a long bullish candle on the daily chart
Analysts are cautiously optimistic, as they feel the index needs to take out the 10,290 level first to instil confidence in the
Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan
Alternatively, Nifty can take the form of a wedge pattern
From a short- to medium-term perspective, the weight of evidence is still in favour of the bears with the possibility for Nifty tumbling
For the day, the index rose 220.85 points, or 2.20 per cent, to close at 10250
The long bull candle indicates a near-term bottom reversal, but the negative sequence of lower tops and bottoms is still intact, said
Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Shetti feels Friday's low of 10,004 could be considered as a new lower bottom
of the sequence and expects index to hit the 10,400 mark in the next 3-4 sessions.
Chandan Taparia of Motilal Oswal Financial Services said
10,180-10,200 zone to extend its bounce towards 10,333 and 10450 levels
stop for long positions below the 10,020 level
In case, the strength gets extended beyond 10,450, this pullback swing shall eventually expand up to 10,700 level.
