Early on D-Street | Selling pressure to accentuate if Nifty closes below 11,550

Episode 1825,   Oct 24, 2019, 01:30 AM

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Bulls bounced back on D-Street after getting knocked down in the previous session. The last hour surge helped benchmark indices to reclaim crucial resistance levels – Sensex is back above 39000 while Nifty50 reclaimed 11600.

The final tally on D-Street – the S&P BSE Sensex rose 94 points to 39,058 while the Nifty50 closed 15 points higher at 11,604 on Wednesday.

The index took support at its 5-days Exponential Moving Average (EMA) for the 8th consecutive day in a row. This particular short term moving average has been acting as a big support since 10 October.

Technical experts advise investors to hold positions and wait for a breakout above 11,772-11,798 to initiate fresh long positions.

The Nifty50 seems to be struggling at 11700 because it is an important swing high. The broader market indices exhibited a mixed trend wherein BSE Midcap ended with losses of 0.1% while BSE Smallcap’ closed 0.3% higher.