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Mumbai: After a 437-point bounce in Nifty50, the index formed a bullish candle on the daily chart, as it seemed to be staging a V-shape recovery on the hourly chart, implying that the same momentum may continue.
“As expected, the index managed to hold Tuesday’s bullish momentum and closed the session on a positive note with gains of one per cent. In the process, the index formed a bullish candle on the daily chart,” said Rohit Singre, Senior Technical Analyst at
“On the hourly chart, it seems the index is seeing a V-shaped recovery. If it turns out to be true, then we can expect the current pullback to extend further towards the 13,775 level, which was the previous swing high. On other hand, good supports are seen near the 13,550-13,460 zone,” Singre said.