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The bulls managed to hold on to momentum despite muted global cues in the morning to push the Nifty index back above 10600 levels for the first time since February 5, 2018, and formed a bullish candle on the daily candlestick charts on Tuesday.
The index flirted with 10,600 levels on more than one occasion in the recent past but Tuesday’s sessions was a mark of strength from bulls. But, for the rally to gain momentum, the Nifty has to close above 10630 levels.
The Nifty took support at its 5-days exponential moving average (DEMA) placed at 10,573 and then bounced back above 10600 levels towards the close.
The Nifty which opened at 10,578 rose to an intraday high of 10,636. It slipped marginally to hit an intraday low of 10,569 in the first half of the session. The index finally closed 29 points higher at 10,614.
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