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Bulls are back in action & took nifty above mark. Market sentiments were boosted by gain in financial stocks, Fed’s rate-cut hints, offset losses in IT counters triggered by a report of U.S. move to cap H1-B work visas. That apart, reports of monsoon hitting drought hit Maharashtra also boosted sentiment. As per a Reuters report, India’s annual monsoon has covered some parts of the western state of Maharashtra and conditions are becoming favourable for further advancement into the southern part of the country.
The index formed a bullish candle on the daily scale and needs to hold above 11800 to extend gains towards 11900, and then 12000 -12200 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11655 and then 11635 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11600.
Bulls are back in action & took nifty above mark. Market sentiments were boosted by gain in financial stocks, Fed’s rate-cut hints, offset losses in IT counters triggered by a report of U.S. move to cap H1-B work visas. That apart, reports of monsoon hitting drought hit Maharashtra also boosted sentiment. As per a Reuters report, India’s annual monsoon has covered some parts of the western state of Maharashtra and conditions are becoming favourable for further advancement into the southern part of the country.
The index formed a bullish candle on the daily scale and needs to hold above 11800 to extend gains towards 11900, and then 12000 -12200 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11655 and then 11635 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11600.
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Resistance: 11900, 12000
Support: 11700, 11600
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