The Nifty ended on a strong note as it managed to trade above its previous week’s high throughout this week. This also suggests the absence of absolute selling in the market however, we did witness profit booking to some extent.
On the daily chart, the Nifty managed to float back above 200 DEMA (double exponential moving average) after a gap of several days confirming the rising bullishness among the market participants.
On a smaller degree look, we find a flag pattern formation on the hourly chart; however, the breakout of the pattern is awaiting. Overall, sentiment remains bullish.
On the higher end, immediate crucial resistance is placed at 11600, above which the index may extend gain towards 11850-12000 over the short term. On the lower end, support exists at 11400.
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