Technical Analysis
Technical Analysis
SPOT NIFTY : Nifty closed above the 50-DMA for the second successive day. It opened on a pessimistic note and tested the level of 17,421, which is a crucial support level, and bounced thereafter. It also faced resistance at a 61.8 per cent retracement level for the second straight day. The index formed higher lows after trading in a tight zone for a brief period. The strong bullish bar negated the previous day's bearish implications of an evening star candle.