Technical outlook: Nifty builds bullish candle and risk enchant traders can deem new longs

Technical outlook: Nifty builds bullish candle and risk enchant traders can deem new longs

The experienced traders with a greater threat appetite can consider the new longs, if the Nifty maintains over 15, 900 for minimum one hour and also search for an objective of around 16, 200 by just positioning a stop beneath the intraday short said by Mazhar Mohammad. After the first hour of volatility, the Nifty has gained utmost strength and also extended the gains to shut greater on yesterday that is assisted massively by the IT stocks. This index created a little bullish candle on an everyday chart, when closing was greater than the opening levels.

The Mazhar Mohammad who is a chief strategist in technical research and trading advisory at online trading news said as money control. The opened flat at Nifty is 15, 808.70 and also hit an intraday low of 15, 764.20, but has attained more strength to smash the high of 15, 877.35 in an afternoon daily. Finally, the index has established at 15, 854 up to 41.60 points. The Nifty has continued its listless way of trading, but with the positive favoritism that may consequence in a little bullish candle with the range of 113 points.

Therefore in an upcoming meet, if it manages to sustain more than 15, 764 levels, then bulls can build a try to evolve out of a consolidation range, which represent between 15, 900 to 15, 600 levels as said by Mohammad. According to him in online trading news, if the bulls administer a powerful close over 15, 900 in an upcoming session, the sustainable actually can be witnessed with the foremost targets of around 16, 200. But, their failure to sustain over this shall weaken a bullish sentiment that might drag it down once again towards a lower end of the sideways and the range can present around 15, 600 he said.

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