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Nifty ended strongly on Monday, continuing its winning streak to the third session in a row. Following back-to-back rallies, the 50-stock index has formed a bullish candle with a long lower shadow.
Nilesh Jain, Vice President – Head of Technical and Derivative Research at Centrum Finverse said the overall structure is gradually turning positive, suggesting a continuation of the upward move towards 23,200, followed by 23,400 levels. “Support has also shifted higher to the 22,500 zone. The momentum indicator RSI has started forming a higher top and higher bottom pattern and has crossed the 40 mark, indicating improving sentiment. However, India VIX remains elevated around 25, and a cooling-off in volatility would be essential for sustained bullish momentum,” Jain said.
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