{"id":80128,"date":"2018-05-28T18:06:30","date_gmt":"2018-05-28T18:06:30","guid":{"rendered":"http:\/\/www.bnreport.com\/tech-view-nifty50-forms-bullish-candle-aims-for-10775-by-expiry\/"},"modified":"2018-05-28T18:06:30","modified_gmt":"2018-05-28T18:06:30","slug":"tech-view-nifty50-forms-bullish-candle-aims-for-10775-by-expiry","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tech-view-nifty50-forms-bullish-candle-aims-for-10775-by-expiry\/","title":{"rendered":"Tech view: Nifty50 forms bullish candle, aims for 10,775 by expiry"},"content":{"rendered":"

NEW DELHI: The Nifty50 kicked off the F&O expiry week with a bullish candle on the daily chart. The index formed higher-highs and lows for the third straight session before settling near the 10,700 mark. <\/p>\n

Technical indicators were positive, as was market breadth, as analysts saw the index targeting the 10,750-75 levels by Thursdays expiry of May series futures & options contracts. <\/p>\n

Niftys short-term trend is still positive and there is no indication of any exhaustion. The index is now entering a key overhead resistance at the 10,750 level \u2013 a previous opening with a down gap for the index \u2013 which is going to be a crucial in the near term, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities <\/p>\n

For the day, the index rose 83.50 points, or 0.79 per cent, to close at 10,688. It hit the 10,700 level on an intraday basis, but saw some selling pressure towards close. <\/p>\n

On Tuesday, the index will need to trade consistently above the 10,700 level to retain the same bullish undertone. \u201cIn that scenario we can expect this up move getting stretched up to 10,777 kind of level. However, major breakthrough in the indices can be witnessed on a sustainable close above 10,800,\u201d said Mazhar Mohammad of Chartviewindia.in. <\/p>\n

Mondays bullish gap zone between 10,640 and 10,628 levels may act as a critical support, a close below which may weaken the ongoing bullish momentum. <\/p>\n

Traders can trail their stop losses below 10,628 on a closing basis, Mohammad said. <\/p>\n

As long as the index holds above 10,620, it can extend the gains towards 10,735 and at best to 10,800, said Chandan Taparia<\/a> of Motilal Oswal Securities. Downside supports are seen at 10,620 and 10,550 levels, he said. <\/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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