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Episode 3268, Mar 04, 2021, 12:30 AM
The Nifty50 after forming a bullish Harami candlestick pattern on the daily chart has witnessed a strong rally for two consecutive days.
Benchmark index on 03rd March has witnessed a smaller degree consolidation range breakout above 15,100 levels on the daily time frame.
As prices have neglected its short-term negative set up by giving a closing above the resistance zone which forced the index to close above its 21-Day exponential moving average (EMA) on the daily time frame.
Momentum oscillator RSI (14) is reading near 60 levels in a higher low formation on the daily interval which positive crossover on the cards.
INDIA VIX on 03rd March slipped more than 6 percent and closed below 23 levels. Recently, the VIX index witnessed a breakout above 25 levels but couldn’t hold on to it and created a whipsaw and drift below the 25 levels on the daily chart.
Indicator reading near 60 levels as well as prices is trading above its 21-Day EMA, all this positive technical setup indicates 15600 is soon very achievable for the Nifty50 in the near term.