Nifty seeing a peak

Nifty50 came back up on Monday after it’s days lowest downfall. It got a 62% retracement of its last leg. This erased the days downfall. Bulls, on the other hand, came with open arms to provide the support in the end of the session. With this it is hopefully thought that the index will continue with its 15000 points and it’s likely to surpass it.
On the contrary, today’s lowest point was observed at 14,416. In the words of Mazhar Mohammad of, Nifty bounced back like a ‘rubber ball’, as it opened below its 100-day simple moving average, whose value for the next session is placed around 14,470 levels.
As long as Nifty50 sustains one can look for positive side of the downfalls and consolidations of all the sideways.
Moreover, Aditya Agarwala of YES Securities said the 50-pack index took support at the cluster of recent lows placed around the 14,400 level, leading to a short covering rally in late trade. Though, the day opened with the huge gap in the point chart, but around second session it was able to get to the point of 14,634, it closed the day with this point.
Titan Company, Reliance Industries, IndusInd Bank, Axis Bank and BPCL were among the top losers on the Nifty. Gainers included SBI Life Insurance, Bharti Airtel, Adani Ports, Tata Steel and HUL.

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