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The Nifty which started with a big gap thanks to strong global cues picked up momentum soon after the Reserve Bank of India (RBI) raised growth outlook for 2018-19 while keeping rates unchanged.
The Nifty index which rose nearly 200 points on Thursday recorded its best one-day gain in almost two years. The index formed a Bullish Marubozu Candle on the daily chart and negated the effect of the Bearish Engulfing pattern which was formed in the previous session.
A perfect Marubozu pattern would have no shadows which mean that the index opened at the lowest level and closed at the highest level. But, Thursday’s candle is not a perfect 'Marubozu' but it is very close to the said pattern.
The Nifty which opened at 10,228 slipped marginally to 10227.45 but then bulls took charge and pushed the D-Street higher. The index reclaimed 10,300 to register an intraday high of 10,331.80 before closing the day at 10,325, up 196 points.
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