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Ahead of Market: 12 things that will decide stock action on Wednesday
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Overall, market breadth remained in favour of bulls. As many as 186 stocks on the BSE 500 index settled the day in green, while 312 settled the day in red.
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NEW DELHI: Nifty opened above the crucial 15,000 mark and held the levels despite a volatile trade as the headline index formed a small bullish candle with a long lower shadow on the daily chart.
Rohit Singre, Senior Technical Analyst at LKP Securities, said, Nifty managed to crossed the 15,100 zone decisively which acted as a strong hurdle previously. We may see some more positive move going forward if it manages to sustain above the 15,100 zone on an immediate basis. Nifty has a strong support at the 15K mark and hurdle zone for Nifty is coming near 15,170-15,250 zone.
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NEW DELHI: Nifty breached the 13,900 levels and touched its lifetime on Tuesday forming an indecisive candle on the daily chart as the index settled higher, riding the rally in bank and IT stocks amid strong global cues. The index continued its rally to the fifth consecutive session.
Aditya Agarwala, senior technical analyst - institutional equities, YES Securities said A sustained trade above 13,950-13,975 will extend the gains, taking the 50-pack higher to the levels of 14,050-14,150, which happens to be the upper end of a crucial rising channel formed, joining major highs and lows post the March selloff. He sees support for the index at 13,850.