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Nifty outlook and technical calls by Nagaraj Shetti, Technical Analyst at HDFC Securities:
Observation: After showing weakness amidst a choppy trend in the last three sessions, Nifty witnessed a sharp upside bounce on Tuesday and closed the day higher by 149 points.
Nifty opened on Tuesday on an upside gap of 40 points and showed further up move during early part of the session. It later shifted into a range move with positive bias during the afternoon and continued with upside momentum towards the end to settle near the high. The opening upside gap remains unfilled.
We observe a formation of long bull
