NIFTY Continues To Be In “Buy On Dips” Mode, With No Apparent Signs Of Relenting

Buoyed by better than expected results from tech giant TCS, the index continues to display bullishness against the odds. A momentum crossover on the stochastic oscillator from the upper segment of the channel seems to indicate that the market just is not in the mood for booking profits at the moment.

The strong momentum seems to indicate that a breakout above the upper BB channel is imminent, which could see the index surging to 12,100 in the near term, after which we may witness a time and/or price retracement.

Resistance could be seen at 12,100 and support at 11,400 and a strong support at 11,000, in the near term.

The NIFTY continues to be in “buy on dips” mode, with no apparent signs of relenting.

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