Nifty Forms Long Bull Can­dle on the Charts

The Economic Times - - Companies -

ETMar­ The bulls kept the mo­men­tum go­ing on Dalal Street, with Nifty50 re­claim­ing its cru­cial re­sis­tance level of 7,850 on Wed­nes­day mak­ing a long bullish can­dle on the daily charts. The Nifty50 opened with a break­away gap and crossed its fall­ing trend line of last one year. It has also crossed its 200-day ex­po­nen­tial mov­ing av­er­ages (DEMA), which is placed at 7,765. A long bullish can­dle and cross­ing of the 200-DEMA are pos­i­tive signs for the bulls. The up­ward move in the mar­ket was led by pos­i­tive com­ments from the IMF and good rain forecast from the In­dia Me­te­o­ro­log­i­cal De­part­ment (IMD).

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