Nifty forms bullish candle for 2nd day; 10,900 crucial resistance

Bulls remained in control of D-Street for the second consecutive day in a row on Thursday after falling for eight consecutive days in a row and formed a bull candle on the daily charts.

The index is comfortable trading above 100-day moving average as well as 5, and 13-DEMA on the daily charts which is a positive sign for the bulls, but for bulls to regain control, the index has to hold above 10,900 levels, suggest experts.

But, it somebody plans to go long on the index then trading with strict stop losses is a better bet for capital preservation. A trailing stop loss below 10640 should be kept for all long positions, they say.

The touch-and-go moment with 10,800 suggests that there is some pressure at higher levels. The Nifty50 which opened at 10,744 slipped to an intraday low of 10,721 before it bounced back towards 10800. The index hit an intraday high of 10808 before closing at 10,789 up 54 points.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bullish-candle-for-2nd-day-10900-crucial-resistance-3568641.html

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