NIFTY| NSE | BSE | SENSEX | STOCK |MARKET LIVE |SHARE MARKET LIVE
The Nifty index is in a consolidation mode where it is taking the support of its 100-DEMA at around 10,600 levels. The momentum indicators and oscillators are very well in the buy mode on the hourly scale which hints that bulls are making a comeback and the current pullback is likely to extend further. The volatility index, IndiaVIX, is hovering near 25 levels which is giving comfort to the bulls. Thus, aggressive traders can initiate a long position with the strict stop loss of 10,580.
The stock has provided breakout from a descending triangle formation on the daily chart with higher than average volumes. It is also taking constant support of its 21-day and 50-day short term moving average and also trading well above its long-term moving averages. The momentum oscillator MACD has also provided fresh buy crossover on the daily chart which hints of positive momentum to continue in the short term.