A morning walk down Dalal Street: Nifty supports shifting higher; RIL in focus ahead of Q2

The Indian market ended on a high note on Tuesday. The S&P BSE Sensex rose 297 points while the Nifty rallied by 72 points to close at 10,584.

It was third straight days of gains and Nifty closed above its 5-days exponential moving average.

The fall crude oil prices and rupee appreciation also boosted sentiment.

Technically, Nifty has to continue to hold above 10,525 zones to extend its move towards 10650.

Support is shifting higher and is now placed at 10450, 10390 levels

“On the higher end, 10550-10600 is the zone where Nifty is expected to find initial resistance. If the index sustains above 10600, it could trigger a rally towards 10800-10850,” Rupak De of Bonanza Portfolio told Moneycontrol.

“Whereas, on the lower end, the bear phase is likely to resume upon a closing below 10150. A trade below 10,150 may take the Nifty towards 9700,” he added.