Index trend and stocks in action May 17, 2017
Chirag Gothi / 17 May 2017
Nifty needs to sustain above levels of 9520 to continue its upward momentum, if it does its likely to scale up to levels of 9550-9580. On the downside, immediate support is placed around levels of 9490 and if this support is breached next support is seen at levels of 9450.
On Tuesday, Nifty opened the session with a gap-up and thereafter it scale higher to cross 9500 mark for the first time ever. On the daily chart, Nifty has formed a bullish candle, which suggests the bulls were in control for the day. Now going forward Nifty needs to sustain above levels of 9520 to continue its upward momentum, if it does its likely to scale up to levels of 9550-9580. On the downside, immediate support is placed around levels of 9490 and if this support is breached next support is seen at levels of 9450. The sequence of the higher top higher bottom is intact and this suggests the trend is bullish.
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