Continuing its gaining spree, the Sensex hit an all-time intraday high of 36,740 levels on Friday. After a back to back upswing, some consolidation at upper levels will be healthy sign for bulls. The Nifty needs to hold above its support of 10,880 to gaining momentum further on the higher side.
The relative strength index (RSI) is trading near 66 levels, which indicates positive momentum and support for the bullish rally. The Bollinger Band reveals that a bullish breakout occurred on July 10, which justifies the volatile movement further.
The Nifty closed above its 20-day daily moving average (10,790), which notifies strength and a positive tone. Although majority of the oscillators are in the overbought zone, the stochastic is around 90. At the same time, the commodity channel index (CCI) indicator is around 172 levels. Any dip shall be considered as an opportunity to go long.
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