The NSE Nifty50 index settled 1.19% higher at 19,675, while the S&P BSE Sensex rose 1.14% to 65,675. The Nifty50 logged its best single-day gain since March 31 and closed at the highest level since October 18.
Here's how analysts read the market pulse:
«On the daily charts, we can observe that the narrow range of the last few trading sessions has been decisively broken on the upside.
The index is now stretching higher towards 19800 – 19850 where resistance in the form of the daily upper Bollinger band and the previous swing high is placed. The daily and hourly momentum indicator has a positive crossover, which is a buy signal, and hence intraday dips should be bought into.
In terms of levels, 19580– 19550 is the crucial support zone while 19800 – 19850 is the immediate hurdle zone from a short-term perspective,» said Jatin Gedia, Sharekhan
Rupak De of LKP Securities said, «Nifty has witnessed a robust upward movement, propelled by a strong global equity market sentiment, particularly following a gap-up opening. On the daily chart, the index has shown significant upward momentum after a consolidation phase, indicating an increase in optimism.
The overall trend appears positive, with the index consistently maintaining levels above the critical moving average. Looking ahead, bullish sentiment is likely to persist as long as the index remains above 19,500.
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