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NEW DELHI: Nifty saw a gap down opening on Monday, but made a smart recovery to end slightly above the previous closing, forming a bullish candle on the daily chart.
Rohit Singre, Senior Technical Analyst at LKP Securities said, The overall structure will remain cautious for Nifty50 till it trades below 14,800 zone. On the higher side, the index has a stiff hurdle at 14,720-14,800 levels. Profit booking is suggested around the said levels. Fresh breakout will be only above 14,800 level and good supports are placed in the 14,550-14,500 zone.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research said, The expected levels of the Nifty50 are likely to be in the range of 14,500 and 14,800, and it’s going to be crucial for the short-term market scenario to sustain above the 14,500 level. Therefore, the short-term traders should use the rally to exit while keeping a buy on dip approach. The momentum indicators like RSI, MACD show indecisiveness supportin
Jubilant Ingrevia, Capri Global Capital, SAIL, Supreme Petrochem and Deepak Nitrite witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Friday, signalling bullish sentiment.
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Synopsis We might see further consolidation after the recent up move. However, the bias would remain on the positive side, said Ajit Mishra, VP - Research at Religare Broking.
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Analysts said Nifty can see a brief consolidation in the 14,700-15,000 range in the coming days before it moves higher.
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NEW DELHI: Nifty made another gap up opening and took out the crucial 15,000-mark before succumbing to a volatile trade due to the weekly and monthly F&O expiry. The headline index still managed to end above its previous closing mark, but formed its first bearish candle on the daily chart in the past six sessions.
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