NIFTY FUTURES
Nifty futures finding strong golden ratio resistance and 100 hours moving average resistance at current levels, technical indicates further strength can be seen once Nifty futures starts trading above its resistance zone as shown in above graph. Click here to read what is nifty futures.
Today Nifty 50 Index has closed above its crucial psychological level of 8300 with the help of heavy weight shares like Reliance Inds, ONGC and SBI, from the last 10 trading sessions market was witnessing selling pressure and correction was due, so today market bounced back with a long bullish candle with a gap up open this indicates if holds above its yesterday highs then we can see some further price rise in Indian stock markets.
Most of the Nifty stocks closed on a positive note, 45 stocks advanced while only 5 stocks declined. Major leader in nifty 50 is ONGC which rose 8% and closed @ 328. The overall market breadth was positive as 1,954 stocks advanced while 833 declined.
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