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The Nifty which started on a bullish note kept the momentum going as the index reclaimed its crucial resistance level of 10,200 on the first trading day of FY19. The index rose past its crucial 200-days moving average (DMA) placed at 10,182 in trade today.
Formation of a strong bull candle after a bearish candle suggests that bulls have taken over D-Street at least in the near term and as long as Nifty sustains above 10200 levels the bulls are likely to take the index towards 10350 levels.
Bulls appear to have started the new series (April series) on firm footing as they made a strong come back which erased the losses recorded in the last two trading sessions.
The Nifty index which opened at 10,151 slipped to an intraday low of 10127 in morning trade. The bulls pushed the index above 10200 levels to hit an intraday high of 10,220.10 before closing the trade at 10,211 up 98 points.
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