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NEW DELHI: Nifty50 climbed over 1 per cent on Thursday and formed a bullish candle on the daily chart with a long lower wick, which reflected buying at lower levels with support at the 13-day moving average.
At close, the index stood above its 20-day and 50-day simple moving averages and nullified the Bearish Belt Hold pattern formed in the previous session. Analysts advised traders not to read much into the moving averages in a sideways market, but believe a breach of the 14,900 level could bring the bulls back into the game.
Chandan Taparia of Motilal Oswal Securities said Thursday s bullish candle was healthy. He said the index has formed higher lows in last two sessions and managed to hold above the 50-day exponential moving average (EMA).