NIFTY| NSE | BSE | SENSEX | STOCK |MARKET LIVE |SHARE MARKET LIVE |INDIAN STOCK LIVE |NIFTY LIVE | UPDATES JULY 16 2020
The Nifty50, barring initial few minutes of volatility, remained positive through the session and extended rally in late trade on July 16 despite weak global cues. The surge in technology stocks, after better-than-expected earnings from Infosys, banks and auto stocks lifted the market mood.
A ‘Hammer’ candle suggests dips were being bought into, Chandan Taparia of Motilal Oswal Securities said, adding that multiple hurdles remained intact at higher levels. “For now, the index is respecting its rising support trend line by connecting all the recent swing low of 7,511, 9,004, 9,544, 9,845, 10,250, 10,300,” Taparia said.
A sustained trade above 10,750 level will take Nifty50 higher towards the 10,890 level, said Aditya Agarwala of YES Securities.
For the day, the index closed at 10,739, up 121.75 points or 1.15 per cent. Independent technical analyst Manish Shah said Nifty’s intraday lows of last three days are nearly the same at around 10,590 level, which resulted in a ‘tweezers’ pattern, sending out a positive signal.