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The Nifty in the previous session ended 0.87 percent higher at 10,605.15. It continued moving higher and higher towards ending the session with a bullish Marubozu candle.
Finishing off last session of the week above 10,560 mark is a sign of restored conviction among bulls. Further, ending the week above 30 EMA, placed around 10,580, on daily chart is another crucial development.
On the weekly chart, it ended nearly flat. It rebounded from the low of 10,418 towards finishing off the week nearer to the high of 10,628 with a Dragonfly Doji.Candle pattern suggests, this pullback is likely to continue further towards 10,700 and 10780. Hence, buy-on-dips is advised for the coming sessions. However, we don’t rule out the possibility of a consolidation in the price band of 10,560-10,630 before making higher highs beyond 10,630. Immediate upside resistances are placed around 10,630 and 10,700.
On the Nifty hourly chart; extreme positive divergence in RSI fully played out in favour of the bulls and helped restoring the positive momentum once again. Recovery above 200 EMA, placed around 10,600, is a positive development and likely to play an instrumental role in coming sessions. Upside resistances are placed around 10,630 and 10,700.
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