Nifty bounced back from around 8850 levels as it was discussed in the Mid Day Report. The indice closed higher from days lows at 8937.75. An indecision (doji) candlestick pattern has appeared on the daily chart setups at close, indicating a potential rally ahead. One could initiate long positions, with stops below todays’ lows. Today, the fibonacci 0.618 level support at 8850 has held for good, this could raise Nifty to at least 9021 levels.
This is how most sectorial indices spared today. Bank Nifty closed higher at 19748 levels, higher by 0.53%, Auto Sector also closed higher by half a per cent, Energy Sector remained flat at 8743 levels, Finance closed higher by 0.82%, FMCG remained on the top at 1.27% while the IT sector dropped lower by half a per cent.
Have A Great Day Ahead!