NEW DELHI: Nifty50 on Tuesday formed a bullish candle on the daily chart, after back-to-back five bearish candles. "A temporary bottom may be in place at 17,216 level but a sharp spike should not be expected as Nifty50 is still trading below its critical moving averages. Therefore, sustaining above the 17,216 level, the ideal scenario shall be a rangebound movement in the 17,250-17,700 range. "The weekly 20-period moving average is at 17,200 and Nifty50 hit this weekly average, before bouncing off. The debacle was sharp and it will take some serious change in the Nifty50 resistance at 17,680-17,710.

Source: Economic Times November 24, 2021 04:55 UTC