NIfty is expected to test the upper band of this channel, around 23,000 or higher. Consequently, the recommendation remains to buy on dips, at least until the elections
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Nifty on Monday ended 189 points higher to form a long-legged Doji candle pattern on the daily chart as it managed to move above the initial hurdle at 22,300 levels.
The banking index fell nearly 100 points and formed a Long-Legged Doji kind of candlestick pattern on the daily charts. The Nifty50 rose over 160 points to hit a fresh record high.
Nifty recovered from the days low and two session setback to trade with 160 points lead at 21,399.35 on Wednesday aided by recovery in bank, IT and FMCG stocks.