Monday, 14 May 2018

Nifty Ending The Week Above 10,780 Is Positive buy Ambuja Cements

Posted by suhani varma on Monday, May 14, 2018 with No comments


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The Nifty ended the previous session 0.84 percent up at 10,806.50. Consolidation below 10,780, followed by sustained buying in the last hour of trade, led the index to end the session with a bullish body candle. Ending the last session of the week above 10,780 implies that the bulls are gaining strength once again.

Last week’s bearish shooting star candle has been invalidated by a successful close by the Nifty above 10,780. On the weekly chart, the index ended 1.77 percent higher. The chart pattern suggests that 10,780-10,750 may now act as the critical support zone.

Ending the week with a bullish body candle above 61.8% Fibonacci retracement of the entire downfall from the Nifty's all-time high to its recent low of around 9,950, signifies that upward momentum is likely to continue. The next points of resistance will likely be 10,820 and 10,880.

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