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Nifty Advance Deepavali Dhamaka

Nifty opened higher and remained flat for most of the day, closing at 7895 with a gain of 78 points. The daily chart formed a Morning star candle indicating bullish sentiment, and if Nifty breaks above 7950 it could rise to 8090-8150, but a break below 7800 may lead to a fall to 7750-7720. Nifty is approaching its 89 day SMA at 7935 which is the immediate resistance, and it remains in an uptrend in the short to medium term so buying on dips is recommended.

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81 views1 page

Nifty Advance Deepavali Dhamaka

Nifty opened higher and remained flat for most of the day, closing at 7895 with a gain of 78 points. The daily chart formed a Morning star candle indicating bullish sentiment, and if Nifty breaks above 7950 it could rise to 8090-8150, but a break below 7800 may lead to a fall to 7750-7720. Nifty is approaching its 89 day SMA at 7935 which is the immediate resistance, and it remains in an uptrend in the short to medium term so buying on dips is recommended.

Uploaded by

puneeth_ss3804
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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NIFTY ADVANCE DEEPAVALI DHAMAKA

Nifty started the day on a gap up and remained flat for most part of the day. Nifty
closed at 7895 with a gain of 78 points on a daily basis.
On the daily chart the index has formed a Morning star candle indicating bullish
bias. The chart pattern suggests that if Nifty breaks and sustains below 7800 level
it would witness selling which would lead the index towards 7750-7720 levels.
However if index crosses above 7950 level it would witness buying which would
take the index towards 8090-8150 levels. With current close Nifty is approaching
towards its 89 day SMA (7935 levels) which remains an immediate resistance.
Nifty continues to remain in an uptrend in the short to medium term, so buying
on dips continues to be our preferred strategy.

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