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Indian shares rose on Thursday to reach fresh record highs, with banking, financial and fast-moving consumer goods (FMCG) stocks leading the surge. Nifty index finished at a record high of 17,629.50, up 110.05 points, from its previous close as investors awaited details on the creation of a government-funded 'bad bank' later in the day.
Second straight session where index formed bullish candle on the daily chart. which is indicating that bulls are now in charge and they are aggressive now. Which result in index close above 17600 mark. However, Index’s RSI is trading above 85 level which we can consider as a over bought zone so it may result in some profit booking .
Indian shares surged to record highs on Wednesday, with IT, power and telecom stocks leading the list of gainers. Markets elsewhere across Asia were moving lower as weak Chinese data reinforced worries about slowing growth globally. Nifty index ended up 139.45 points, at 17,519.45, after having hit a high of 17,532.70 earlier in the day.
Nifty formed bullish belt hold pattern on the daily chart which is indicating that bulls are aggressive after small consolidation. Index took support near 5 Exponential Moving Average (EMA). Which can be wok as a support line and we might see bullish momentum may continue in coming future.
Indian shares ended a range-bound session slightly higher on Tuesday as investors reacted to mixed global cues and the latest retail and wholesale inflation readings. Global cues were mixed as investors awaited U.S inflation data for more clues on the health of the world's largest economy and when the Federal Reserve could start rolling back easy credit and other stimulus. Nifty index rose 24.70 points, or 0.14 percent, to settle at 17,380.
Index opened with the positive note where bulls manage to made a new all time high. However we observed some profit booking from the higher end which result in small body red candle on the daily chart. Moreover RSI is still trading at the over bought territory which may result in some weakness in the market.