nifty technical analysis
Personal View | Nifty forms long bullish candle, indicates strong upside momentum. If the Nifty50 decisively surpassed 17,300 and holds the same, then 17,500-17,600 looks possibility in coming sessions, with support at 18,000-18,100 levels. Bulls came back with a vengeance on May 4 as the Nifty50 clocked nearly a one-percent gain after a day small correction and the FOMC delivered 25 bps hike in fed funds rate with giving signals about potential pause in rate hike cycle. The index gained strength after initial volatility and extended northward journey as the day progressed to hit a day's high of 18,267.45 in late trade. Finally, it settled with 166 points gains at 18,256, the highest closing level since December 20 last year, forming long bullish candlestick pattern on the daily charts with a higher high, higher low formation. If the index decisively surpassed 17,300 and holds the same, then 17,500-17,600 looks like a possibility in coming sessions, with support at 18,000-18,100 ...