As long as the Nifty stays above 17,650, a further pullback rally is possible in the coming sessions
Sunil Shankar Matkar
February 03, 2023 / 06:07 PM IST
The Nifty climbed to a week’s high on February 3 despite a mixed trend in the global market, driven by buying in banking & financial services, auto, FMCG and information and technology stocks.
The index opened 100 points higher but drifted lower to the day’s low of 17,584 but recovered smartly to close end at 17,854, up 244 points or 1.38 percent, the biggest single-day gain since November 11, 2022.
It formed a bullish candle on the daily charts, with a long lower shadow indicating support-based buying. It again defended 200 EMA (exponential moving average – 17,550)
For the week, it gained 250 points, or 1.42 percent, the biggest weekly gains in five weeks, forming a large bullish candlestick pattern.
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