After being in a consolidation phase for several sessions, the benchmark Nifty 50 gave a positive breakout on Wednesday by crossing the key resistance level of 18700 points and even closing comfortably above it.
The 50-stock index ended 0.7% higher at 18726.40 points.
A long bull candle was formed on the daily charts with a gap-up opening. This indicates an attempt of an upside breakout of minor range movement, says Nagaraj Shetti, technical
analyst, HDFC Securities.
“The Nifty is all set to move into all time highs (above the high of 18887) in the short term and that could possibly open sharp upside momentum for the market ahead,” Shetti added.
Immediate support in Nifty 50 to be watched is at 18650 level, and the immediate resistance is around 18900 levels for the short term.
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