The Nifty gained 80 points on Monday to close at 10,853, its highest closing since June 13. It also managed to close above its crucial resistance level of 10,800, derived from the downward sloping trend line adjoining the all-time high of 11,171 (January 29) and the intermediate top of 10,929 (May 15), indicating a bullish trend reversal.
The index is comfortably trading above its 20, 50, 100 and 200-day daily moving average, which indicates that the trend is bullish for the short to medium term.
As far as supports are concerned, immediate support is seen at 10,700, followed by far one at 10,550.By closing above the 26,600 mark, the Bank Nifty has given a bullish breakout on Monday from the downward sloping trend line, adjoining the high of May 31 and June 22. The next resistance is placed around 27,050 levels.
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