NEW DELHI: Nifty hit an all-time intraday high on Tuesday, before giving up the gains and closing the day in the red amid high-voltage political developments in Maharashtra. The index formed a bearish candle on the daily chart, with an advance-decline ratio that was skewed in favour of the bears. Nonetheless, the index respected its immediate support at 12,000 level and formed higher highs and lows for the day. Analysts said the positive outlook for the index will remain intact as long as it holds above its 20-day moving average at 11,925. “The 12,000 level is the immediate support zone. Traders should utilise dips towards this level to build long positions,” said Amit Shah of Indiabulls Ventures. For the day, the index fell 36.05 points, or 0.30 per cent, to 12,037. “Lack of follow-through to the strong price action in the previous day remains a slightly worrying sign. But there is no apparent sell signal or weakness on the lower time frame charts and traders, thus, need to maintain an optimistic outlook on the index,” said Mazhar Mohammad of Chartviewindia.in. “Nifty is likely to continue its bullish momentum,” said Santosh Meena of TradingBells. He expects it to head towards the… Read full this story
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