Midcap index rose more than the Nifty while Smallcap index rose less even as the advance decline ratio was up at 1.49:1 - HDFC Securities
Daily Technical View on Nifty
* Nifty reversed early losses to end higher for the fifth session on Sept 07.
* At close, Nifty was up 0.59% or 116 points at 19727.1.
* Volumes on the NSE fell compared to the previous session.
* Midcap index rose more than the Nifty while Smallcap index rose less even as the advance decline ratio was up at 1.49:1.
* Nifty has been rising for last three consecutive sessions.
* Nifty smartly built on the gains of the previous 4 sessions and gave a breakout above the previous resistance zone of 19645.
* It could now stay in the 19795-19587 band with an upward bias for the near term.
* On the weekly charts, Nifty has broken from the bullish “Flag” pattern, which indicates continuation of an uptrend. Traders are advised to hold Nifty longs with 19584 stoploss.
* At present more than 91% of stocks are trading above their 200 DMA in NSE500, which indicates strong market breadth.
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