Nifty Forms Long Bull Candle on the Charts
ETMarkets.com: 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).