NEW DELHI: Nifty50 advanced on Wednesday, as intraday selling triggered brisk buying, as was the case in the recent sessions. The index formed a small bullish candle on the daily chart after forming indecisive Dojis for four consecutive days.
Analysts said Nifty momentum looks strong, and it can attempt to scale the 13,750-13,800 range in the short term.
“A long lower shadow on the daily scale indicates that every small decline is being bought into by the bulls, as the major trend remains intact even after the strong rally seen over the past many months. Nifty needs to hold above the 13,500 mark to witness a bounce towards 13,750 level. On the downside, support exists at 13,450 and 13,400 levels," said Chandan Taparia of Motilal Oswal Securities.