{"id":71324,"date":"2018-04-09T15:26:35","date_gmt":"2018-04-09T15:26:35","guid":{"rendered":"http:\/\/www.bnreport.com\/tech-view-nifty50-forms-small-bullish-candle-may-continue-rise\/"},"modified":"2018-04-09T15:26:35","modified_gmt":"2018-04-09T15:26:35","slug":"tech-view-nifty50-forms-small-bullish-candle-may-continue-rise","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tech-view-nifty50-forms-small-bullish-candle-may-continue-rise\/","title":{"rendered":"Tech View: Nifty50 forms small bullish candle; may continue rise"},"content":{"rendered":"

The bulls continued to be in charge on Dalal Street<\/a> for the third straight session on Monday, helping the Nifty<\/a> to close 47.74 points, or 0.46 per cent, higher at 10,379. <\/p>\n

The market shrugged off global weakness and remained resilient in line with its Asian peers. <\/p>\n

The index shuttled between 10,397 and 10,328 through the day, and ended up forming a bullish candle on the daily chart. <\/p>\n

The 50-share index opened the day at 10,333 and remained in a positive territory through the day. However, the market witnessed stock-specific moves on both directions. As many as 26 stocks<\/a> of the 50-share pack closed in the green, and the remaining 24 in the red. <\/p>\n

\u201cThe Nifty formed a white body on candles. Apart from this, no significant formation was observed on the charts,\u201d said Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory. <\/p>\n

The market is very comfortably placed in a 27-month- long upward rising channel on the weekly chart. On the daily chart, it has broken out of a small falling channel that it had created since the beginning of 2018. <\/p>\n

The index has been forming higher highs for last six trading sessions. <\/p>\n

Analysts said the rally is likely to continue. <\/p>\n

\u201cThis rally can be expected to extend up to 10,452 level and a decisive close above this hurdle shall strengthen the chances of an intermediate trend reversal in favour of the bulls,\u201d said Mazhar Mohammad, Chief Strategist \u2013 Technical Research & Trading Advisory, Chartviewindia.in. <\/p>\n

He advised traders to remain long with a stop below 10,350 level on a closing basis. <\/p>\n

\u201cWe expect this bounce to continue and see Nifty take some breather only in the 10,430-10,450 range where the 100- and 200-DMAs converge. We expect some consolidation there,\u201d Vaishnav said. <\/p>\n

Volatility measure India VIX jumped 0.32 per cent to 14.795. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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