The Nifty 50, after a sharp gap-up opening, witnessed sustained buying interest throughout the trading session to extend its gains above the psychological 11,500-mark on September 14 ahead of the Prime Minister's meeting with top government officials to review the current economic scenario.
The index held on to its crucial support placed at 11,380 levels and closed sharply higher, forming a bullish candle on the daily candlestick charts and 'Hammer' pattern on the weekly charts.
A Hammer, which is a bullish reversal pattern, is formed after a decline. A Hammer consists of no upper shadow, a small body, and long lower shadow, the latter of which signifies that it has tested support where demand was located and then bounced back.
The Nifty 50 opened sharply higher at 11,443.50 and maintained 11,400 levels throughout the session. The index extended rally as the day progressed and hit an intraday high of 11,523.25.
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