Momentum readings like the 14-day RSI too remain in decline mode after declining sharply from overbought levels on Wednesday. Nifty would need to cross the recent highs of 21,593 to reverse the current downtrend. Crucial supports to watch for re-emergence of weakness are at 21,232, Subash Gangadharan of HDFC Securities said.
The Competition Commission of India (CCI) has also sought communication documents exchanged between the Burmans and Religare from October 13, 2017, to September 25, 2023, the period when the promoters of FMCG major Dabur acquired shares in the financial services firm.
The momentum indicator maintains a positive crossover, suggesting ongoing strength. The bullish trend is expected to persist as long as it stays above 21,350 consistently
On the weekly chart, the index has formed a long bullish candle, forming a higher high-low compared to the previous week, and has also closed above the same, indicating a positive bias.