Nifty formed a small bullish candle on the daily chart as the closing was higher than opening level.
Nifty opened flat at 15808 and hit an intraday low of 15764 but gained strength to hit the day's high of 15877 in the afternoon. Nifty finally settled at 15854, up 41 point.
After the initial hour of volatility, Nifty gained strength and extended gains to close higher, supported largely by IT stocks.
Nifty continued its listless way of trading but with a positive bias which resulted in a small bullish candle with a range of 113 point. Hence, In the next session if it manages to sustain above 15764 level then bulls can make an attempt to emerge out of the consolidation range present between 15915/15600 level.
If the bulls manage a strong close above 15915 in the next session, a sustainable rally can be witnessed with initial targets of 16254.
Their failure to sustain above 15764 shall weaken the bullish sentiment, which may once again drag it down towards the lower end of the sideways range present around 15600.
Positional traders with a high risk appetite can consider fresh longs if the Nifty sustains above 15915 for at least an hour and look for a target of 16254 by placing a stop below the intraday low.
Stock Wise :- BSE IT and Tech indices rose up to 2 percent. Realty, energy, FMCG, finance, auto and oil & gas ended as the losers among the sectoral indices.
Bank Nifty formed a bullish candle on the daily chart, forming higher highs higher lows from the third session in a low.
Bank Nifty opened negative at 35585 and moved in a range for the most part of the session. It surpassed its previous day's high levels but failed to hold above 35800 and closed the day at 35668.30, down 5 points.
Bank Nifty has to hold above 35500 to move up towards 36176 and 36497, while on the downside, support is seen at 35391 and 35174.