India’s benchmark index Nifty finally ended the 14-month long wait to surpass its previous lifetime high and create a fresh one. But the index remained sideways after a positive start, ending the day almost unchanged.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty’s breakout was muted and the index moved sideways thereafter. “The short-term trend, however, remains positive, with the index trading comfortably above all major moving averages. The RSI is in a bullish crossover, and the higher-top, higher-bottom structure appears intact, confirming an ascending chart pattern. Support is placed at 26,000. The index may move towards 26,440-26,580. A buy-on-dips approach would be a better strategy, as some consolidation in the near term is expected after the recent sharp up-move,” De said.
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