Nifty forms long bullish candle

On weekly expiry day, the benchmark indices witnessed a sharp uptrendrally. BSE Sensex was up by 556 points. Among sectors, Financial and Metal indices outperformed while someprofit booking was seen in selective Reality and FMCG stocks. Technically, after a minor correction the market reversed sharply. The Nifty successfully cleared 61,500 resistance mark and post breakout itintensified the positive momentum.

It also formed long bullish candle which supports further uptrend from the current levels. “We are of the view that, as long as the index is trading above 61,500 points, the uptrend wave is likely to continue. Above which the index could move up to 62,000-62,300,” says Shrikant Chouhan, Head of EquityResearch (Retail), Kotak Securities. On the flip side, below 61,500 uptrend would be vulnerable. Below thesame, the bulls may prefer to exit out from the trading long positions.